Vacations are a part of the reason we suffer through a year-long torment that are jobs. Of course, jobs are not bad per se, and even in the rare case that you like everything about it, including your coworkers and bosses, there is still the annoying fact of having to go to work at least five times a day, do the same thing over and over again, and see the same people all the time. Ultimately, it’ll give you the dull feeling of being stuck in a rut. So vacations are (sometimes literally) just what the doctor ordered. Now, is there a better way of going on a vacation than having your own vacation home in a beautiful location that you love? The benefits are immeasurable, starting from the fact that you would save most of the effort that goes into the organization, to the idea that you can make money from rentals. It’s easy enough to decide that you want to buy a vacation home; going about it is the tricky part. Here are some suggestions to help you with the execution of the idea.

1. Mind your budget

First of all, determine your budget for this investment. See how much you can afford as a down payment, and how much for the monthly installments. If you plan to pay it with the rent you’ll collect from the property itself, be careful, and account for the fact that you may not be able to rent every single month, even if it’s an attractive property on a good location. Pay in mind that the monthly installment is not the only thing to worry about, since there can be some extra expenses in the form of fixes and upgrades, and there will definitely be bills to pay for that property as well. Cover every possible scenario, and then come up with the number. Remember that you do not need to buy a mansion; start small, and don’t risk more than you absolutely have to.

2. Find the right location

Obviously, you’ll find a location that you like. However, your taste is not everybody’s taste, which means that there are other things to consider. The basic one, of course, is how often you’ll be able to use your new home. Firstly, you may want to make sure it’s not too far away from your primary home so that you go there whenever you want. In Australia, for example, wherever you live, there’s bound to be some natural attraction within a two-hour ride. Next, consider your children: will it be interesting for them when they become teenagers as well? Even though remote locations sound splendid in theory, you may still want to make sure that the property is covered by phone signal and in the range of the internet services, which will make it more interesting not only for teenagers, but for tourists as well.

3. Hire professionals to help you

You may need some help choosing a property, which is why it’s a good idea to hire a local real-estate agent. They can point out some of the more hidden pros and cons connected with the purchase, including any known plans for construction works nearby, parking problems, neighborhood issues and the like. Once you’ve decided on the property you want to buy, have an attorney take a look at the contract. This is especially important since you don’t want any kind of surprises in that regard. Luckily, there are excellent property solicitors in Parramatta and other towns, who can give you a hand.

4. Solo or shared?

While buying a property with a friend or a family member may seem like a financially sound option, make sure you know all the downsides of shared ownership, as well as the problems with timeshare. Even though both seem like good ways to save money, they can be a nightmare and cheat you out of your money at the same time. So be careful, and don’t enter that minefield unless it’s your only option.

Buying a vacation home is a wonderful idea with many benefits. However, it is also an important investment, which means that you need to be very careful about what you do and how you do it. Be smart, move with caution, and in no time you’ll find yourself in your beautiful new weekend paradise!