There are few things as exciting as buying a new home, especially when it’s located on Martha’s Vineyard. Every home buyer, whether it’s your first home or dream vacation property, will have questions and concerns along the way. Making a successful property purchase on Martha’s Vineyard starts with being as prepared as possible.
That’s why we’ve put together this list of 20 home buying tips to help you along the way.
Tip 1: Consider the Season
The year-round resident population on Martha’s Vineyard hovers around 17,000. Considering how many homes are on the island, it is obvious that many of them are purchased to be used as seasonal vacation properties. Keep this in mind when looking for properties. Home prices tend to be at their peak when tourism is high. To score the best deals, look during the off months when sellers are more likely to negotiate.
Tip 2: View When You Can Buy
The real estate market on Martha’s Vineyard is always changing and the hottest properties move fast. Don’t make the mistake of spotting your dream property and then spending two months figuring out how to afford it.
Tip 3: Contact Your Agent Now
Meet with one of our agents to discuss what you’re looking for in a property. Even if your dream home isn’t available now, you will be immediately notified when something that meets your criteria pops up.
Tip 4: Mind Your Manners
Do you want to up your chances of your offer being accepted? Owners are more likely to sell to someone they feel will be appreciative of the property they have loved, so throw them a compliment or two.
Tip 5: Minor Upgrades Aren’t a Big Deal
You want a place that will be perfect the moment you’re handed the key. But, realize that simple changes like a fresh coat of paint or replacing the flooring aren’t a huge investment in time or money will open up more possibilities.
Tip 6: Location, Location
If you have your heart set on a certain location, think twice before you compromise. Sure, the island isn’t that big, but waiting it out for your dream location can make all the difference in how you feel about your new property.
Tip 7: Keep an Open Mind
If you don’t have a specific location in mind, you can keep your eye out for properties that better fit your lifestyle needs and budget.
Tip 8: Don’t Live Entirely in the Moment
If you find a great property, you want to act fast but not without first giving yourself a little time to think it over.
Tip 9: Don’t Skip the Inspection
Protect your investment by having the home inspected before purchasing.
Tip 10: Don’t Overlook the Potential of a Property in Need of TLC
Some of the best properties just need a little fixing up. If you have the resources, this is a way to snag a great property.
Tip 11: Pay Attention to “Hot” Real Estate Trends
This can help you make a purchasing decision that you will be happy with for years to come.
Tip 12: Avoid Buyer’s Remorse
Know what you are looking for in terms of size, function and location. Decide what’s negotiable and what’s not.
Tip 13: Create a List of To-Dos
Even before you make an offer, make a list of details you would want to take care of immediately. Seeing it on paper and comparing properties this way can help you make a better decision.
Tip 14: Know your Limits
This is especially true if this is a vacation property. Are you able to keep up payments on an extra property should something happen to your current income stream?
Tip 15: Learn About Zoning
Do you think you might want to rent out your property or use it for business purposes? Take a dive into local ordinances before you commit.
Tip 16: For Vacation Properties, Think Realistically
A vacation home on Martha’s Vineyard sounds great, but will you visit often enough to make it worth it?
Tip 17: Educate Yourself on Historical Homes
Many of the homes on Martha’s Vineyard are historical. Special circumstances on upkeep, renovation and décor might apply.
Tip 18: Do You Love Foot Traffic?
Keep in mind that many areas of the island are well known destinations for visitors. The gingerbread cottages, for example, have plenty of people strolling by to look. Are you comfortable with this or do you prefer seclusion?
Tip 19: Weatherproof
The winter months on Martha’s Vineyard can be harsh. Make sure that you have a plan in place for protecting your property in the off season if you will be away.
Tip 20: Work with the Professionals
The best real estate professionals will help make your experience a satisfying one. At Martha’s Vineyard Buyer Agents, we’re here to help you every step of the way to find your perfect dream property. Contact us today to learn more.