Planning to sell a vacation home is an exciting time for Canadian home buyers. However, there are a few differences when selling a vacation home that buyers 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 mind of potential vacation home buyers and speed up the sales process today.
Vacation Home Buyer Profile
A survey of vacation home buyers provide a number of details that may be useful for sellers of a vacation home. Vacation homes are generally a considerable distance (435 miles on average) away from the buyer's primary residence. The majority of buyers are looking for a detached single-family home. In addition, 80 percent of buyers are looking to use their new vacation home for retreats or personal vacations. This purchase is often 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.
An Emotional Process
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 Smith Creek 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.
Attraction to the Area
Potential buyers may have enjoyed the amenities of the area so much that they want to invest in a vacation home. They envision a getaway that will allow them to easily meet with friends and family. Canadians in Toronto, Ottawa and London often look for a summer vacation home in Muskoka, Ontario and the Kawarthas, but others look farther. Speak with an agent to learn more about how to prepare to sell a vacation home with fewer hassles today.