Vacation Property Entrepreneur and Visionary Ed Kushins on the 5 Biggest Mistakes to Avoid When Buying a Vacation Home

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I totally agree that vacation home buyers need to fully understand all the financial aspects of buying their vacation home.

—Ed Kushins

LOS ANGELES, CA, USA, Sept. 16, 2022 /EINPresswire.com/ — “As founder of Vacation Property Partners, I encourage thought, analysis and caution before taking the big step toward buying a vacation home,” says vacation property entrepreneur and visionary Ed Kushins. “Here are some things you can consider to mitigate some of the possible errors noted in the Yahoo Finance article.”

Make an emotional investment

Kushins continues: “I completely agree that holiday home buyers need to fully understand all the financial aspects of buying their holiday home. That’s why we’ve created a unique and easy-to-use vacation home expenses” which is free. on our site.

“It’s the only analytics tool we know of that’s available to buyers to see, in detail, the overall cost of every element of owning their vacation home. And how they can cut all those costs in half. But while you need to do your financial due diligence, I encourage you not to overlook the emotional investment, and make sure that where you are is going to provide you with the happy memories you are buying a vacation home for in the first place. venue.”

Not doing extensive research on the neighborhood

This applies more to first-time vacation home buyers who find themselves caught in an area on their first visit and decide in the blink of an eye that they would like to buy a home there. They visit on a sunny week in the winter from their freezing hometown and can’t imagine it being 100 degrees and humid in the summer.

Kushins says: “If you plan to use the vacation home for seasons you haven’t experienced there yet, it might be a good idea to visit then, or at least ask your broker or some locals what than it is at other times.”

Buy blind

Kushins continues, “As far as sight buying in an area you don’t know, I have to agree with Greer on this one. But with virtual video tours and other resources available these days , once you’ve decided you like the area, it’s entirely possible to select a specific property to buy from afar. Even so, it’s a big investment to make without a visit.”

Not sticking to your budget

“Even more these days with a tight market, I guess it’s a very small percentage of people sticking to their purchase price budget when buying their vacation home,” Kushins says. . “They almost always see something they want that’s a bit more expensive than expected and they go for it, which isn’t necessarily a bad thing. But as Greer noted, all financial factors have to be taken into account. As I mentioned, our ‘Vacation Home Expenses Calculator’ allows you to quickly and easily see the overall analysis (including rental income) of your vacation home property, so that you can avoid cash surprises.

Thinking it’s easy to run a vacation home remotely

Kushins continues, “Depending on the level of involvement you want to get, it’s easier than you think to run a vacation home remotely. You can hire a full-service company like Vacasa to handle all the services and… maintenance, including rentals, or do it yourself with VRBO/AirBnB and get good referrals for other services like maintenance, repairs, and landscaping as needed.”

“Other things to consider are your long-term usage expectations (will your kids be waterskiing with you on their summer vacation when they’re at college?) and how that might affect your exit strategy. Using our own family as a sample 1, our vacation home was a great experience! We bought it about 15 years ago. It’s a 2.5 hour drive from our main home. , our use has increased every year, our kids now have kids of their own and love using it too We don’t rent it out (HOA restrictions) but we let select friends and family stay there and also home exchange (great use) We get a lot of enjoyment out of it and it’s a great investment, even though the family loves it so much we’ll probably never sell it again,” Kushins concludes.

BIO: A former US Navy submarine officer and successful businessman, Ed founded HomeExchange.com in 1992, one of the first online communities on the Internet, pioneering the sharing economy even before the term is invented, paving the way for companies such as Uber, Airbnb and others. The hit film THE HOLIDAY used its site as the premise for the characters of Cameron Diaz and Kate Winslet to meet. A sought-after expert on travel and the sharing economy, he has spoken at seminars, panels and conferences around the world and has been featured in major media, including feature articles in the NY Times, the Wall Street Journal, the Los Angeles Times and numerous international publications.

After selling HomeExchange.com in 2017, Ed saw the opportunity to combine owning and sharing to help millions of families realize their dream of owning a vacation home. His vision for VacationPropertyPartners.com is an easy-to-use website that incorporates tools and features that make owning a vacation home with a partner affordable, comfortable, and worry-free. Vacation Property Partners makes owning a vacation home more affordable for everyone by cutting the cost of ownership in half.

Ed is an active member of Rotary International and a longtime supporter of the Wounded Warrior Project. When he’s not traveling the world with his wife, Terry, he stays active by hiking, swimming and golfing. They live in Hermosa Beach, California.

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