Sale of a Vacation Home or a Primary Residence: Buyer Motivation

Planning to sell a vacation home can be an exciting time. However, there are a few differences when selling a vacation home that sellers should be aware of, as the process differs from selling a primary residence. Those who have only sold their primary residence in the past may be surprised at how buyers approach the purchase of a vacation home. Sellers who understand the minds of vacation home buyers may be able to more easily motivate an approved potential buyer to make an offer. Get inside the minds of potential vacation home buyers and speed up the sales process today.

Vacation Home Buyer Profile

Surveys over the years have provided a number of details that may be useful for sellers of vacation homes, though like the primary residence market, they're always subject to change. Vacation homes are generally a considerable distance away from the buyer's primary residence, and they're generally a detached single-family home. And more often than not, the purchase is not meant to be used as an investment.

What does this mean for sellers? Vacation buyers are often not as initially concerned about maintenance costs, locations to area schools or commuting distance. They are looking for a comfortable environment that can easily accommodate themselves or guests. In addition, proximity to desirable amenities and popular locations are a significant incentive to purchase.

Vacation Home Buyers Care About Location

When it comes to what buyers are looking for when choosing a vacation home, location is one of the most important factors. They'll typically focus on the location of the property, the surrounding environment, and the amenities close by. Location is often the deciding factor, as it determines the home's value and the buyer's quality of life.

The primary goal for many home buyers is to find a place that suits their lifestyle and needs. Factors such as access to transportation, entertainment, and shopping are all taken into consideration. Buyers may also consider the proximity to their family and friends, as well as the climate, when selecting their vacation home.

Vacation Home Marketing Should Focus on Activities & Amenities

The common lifestyles and activities around the property can also be an important factor in the buyer's decision. If the property is near bodies of water, sellers will want to ensure the home is ready to support activities like fishing, boating, and swimming. If the property is located near ski resorts, the seller will want to make it's easy for the buyer to enjoy cold weather fun.

Marketing should focus on the amenities of the home and the activities available in the area when promoting the property. By highlighting the different activities and lifestyles available in the area, potential buyers will be attracted to the property and more likely to make a purchase.

Vacation Home Sellers Should Appeal to Buyer Emotions

The average prospective buyer of a vacation property has the means to afford a purchase. They are looking to kick back and possibly host friends on a property. Staging a home for such purposes and highlighting the various aspects of a home and local attractions that may be of interest for a social gathering can be useful for those selling a vacation home.

Vacation home buyers want to make their dream of a vacation home a reality. Make necessary repairs and work to eliminate any red flags in order to easily engage this emotionally-driven buyer. Sellers should be concerned about if a buyer can see themselves doing certain activities on the property and in the surrounding area. Buyers may also be interested in features like big yards, well-equipped kitchens or a large deck in a home.

This may be different for those who may want the home as an investment property. Create a buyer profile to attract the type of buyer most likely to be interested in the features of a vacation home property. Work with an experienced agent and follow any community stipulations to make it easier to sell a vacation home.

In comparison, primary home buyers are generally more interested in aspects such as energy efficiency and commute times. They may be more concerned about long-term maintenance costs and initial costs of any required repairs or updates. Such buyers often do not have the same financial resources as that of the vacation home buyer. They can be swept away emotionally by a home, but they will need to balance those feelings with other pragmatic considerations prior to making an offer.

Ultimately, buyers are motivated to buy a vacation home or primary residence based on the area they want to live in. Whether they are looking for a place to get away from it all, to be close to friends and family, or to invest in a property, location is always the primary factor in their decision-making process. Canadians in Toronto, Ottawa and London often look for a summer vacation home in Muskoka, Ontario, and the Kawarthas, but others look farther. Understanding what motivated buyers are looking for and working with an agent can help you successfully sell your vacation home.