Questions a Buyer Should Ask

Very often when I am showing property to buyers who have never purchased in a resort community before, I am asked a very interesting question. “What questions should we (the buyers) be asking you, our agent?” This is a terrific question and one that should be asked of a buyer’s agent more often. This begins a dialogue between the buyers and myself. Questions that need to be brought up in the beginning are:

“If we are looking to rent this property when we are not using it, is the area that we are looking in suitable for that? Or should we be looking in other places?”

“Do the neighborhood covenants (CC&Rs) allow for vacation rentals? Or do they have restrictions as to the minimum number of days a rental has to be, such as 30, 60 or 90 days?”

“If I am not looking to rent my property, is the neighborhood that I’m looking in popular with vacation rentals, and possibly very noisy with groups who are here on vacation?”

I feel that these are the first and most important questions that need to be asked right away as they will dictate what areas or neighborhoods that I take my buyers to. In any resort community there are areas that are high in demand for rentals and other areas that are more suitable for primary residences.

Once this has been established, then we can get into more specifics. When we find an area or development that is of interest (assuming we are looking at a rental property) questions such as:

“What is the proximity of this property to the resort?”

“Can there be other developments nearby that could affect the views, resort access or rent ability of this project?”

These are really very important questions, as all too often a buyer purchases a home or condo with beautiful views of a ski resort or beach only to find that a new development goes in next to it, completely blocking their view! Other developments, such as new or planned commercial developments could have a negative effect on property values or, in some cases, may have a positive effect.

Another great question to ask is if the property you are interested in is not within walking distance of the resort:

“Is there public transportation?”

“How close is the transportation to your vacation home?” “Is there a fee for this transportation?”

And “What are the hours of operation?”

The availability of free or low- cost transportation can have a strong impact on the rent ability of your vacation property.

Now we start getting into more details:

“What size property is best for rental? A one bedroom, two bedroom or three or more bedrooms?”

“Should I be looking for a property with amenities, such as pool or tennis courts?”
“Should I be looking for a property with a private hot tub?” (This is a big plus in ski resort rentals.)

“Should I be looking for a property within walking distance of the resort or restaurants and shopping of the town?”

“In this particular resort are newer properties more desirable than older?”

The answer to many of these questions comes with a price tag. In almost all cases, the closer your vacation home is to the resort, whether be it the beach, mountain, lake or village, the higher the price is. More often newer properties also come with a higher price tag. So finding a balance between what price range your comfort zone is and what makes the most sense for rental income is a discussion that you and your REALTOR® should have early on in your search.

Asking these questions up front will save you a lot of time and frustration. The worse thing that can happen is to be looking for properties, find what you feel is absolutely perfect, only to discover that the CC&Rs will not allow you to rent, or that its location greatly limits your rental income potential. While you may not know the resort or what is available at what prices, you should know your objectives and make sure that you and your REALTOR® are on the same page. With these questions, your time with your REALTOR® will be productive and efficient and you will find a property that best fits your and your family’s requirements.