Truth is, any home can be deemed a “vacation home.” So if you’re in the market for vacation homes and you’re looking at home prices across the country, we want to help you understand what to expect in the Phoenix Metro area. The most common first question is, “What is the average sale price of a home in Phoenix?” Well, as of July 2019, the median sale price was $280,000 according to ARMLS reporting.
Arizona is a very sought-after location to secure a versatile vacation spot, but just because it’s a popular state to buy in doesn’t mean it will automatically suit your needs.
To straighten this topic out for a clearer perspective, here are four things to consider when buying a vacation home in the Grand Canyon State.
1. Know the Rules
Perhaps you plan to use your vacation property as a home all the way. However, there is no telling when you’ll change your mind and start renting out. Maybe you’ll hit erratic cashflows a few years down the road, so renting the property will provide an alternative income.
But did you know not all vacation homes can be used to generate rental income?
Local governments typically set zoning and planning codes that affect how these properties can be used. Homeowner associations (HOA) also have living rules residents must adhere to.
As such, it’s essential to know the relevant laws and rules in the specific Arizona locale you’re looking at before signing the papers.
2. Property Options in Arizona
Buying a vacation home can mean something very different depending on your specific desires and budget. In a city like Phoenix with 4.6 million people (as of 2016), there are countless vacation homes for buyers to choose from.
Are you looking for a more urban environment in South Scottsdale or Downtown Phoenix? Perhaps you’d prefer the wide-open spaces with a property that allows direct access to the mountains and trails. Maybe you would like a lock-and-leave property in a private, gated golf community. Chances are you will find what just what you are looking for.
Arizona truly has something for everyone. No matter what your budget or taste, you can indulge in a multi-million dollar vacation home or keep it as simple as a luxury condo with top of the line amenities! The choice is yours.
Make an effort to study the state’s market dynamics before investing. Does the future look as promising as it is today? Are prices likely to go down substantially?
3. Cost of Owning Vacation Property
Besides the purchase price, there are some costs that go into owning a vacation property. State and local taxes (especially if renting out), cost of utilities, property maintenance, insurance and HOA fees are some of the recurrent vacation home expenses you’ll need to fork out.
Ensure you can afford those, too.
4. Local Weather
Fewer things are as prime as a beachfront real estate. But if the beach is in a city that’s vulnerable to hurricanes, you never know when nature will batter the property and send its value tumbling.
In Arizona, there is no ocean-hugging its borders, but some parts of the state are still vulnerable to hurricanes originating in the eastern Pacific Ocean.
When buying property in the state, whether in Scottsdale or Phoenix or Paradise Valley, or elsewhere, evaluate how extreme local weather affects properties. If the area is susceptible to adverse weather, say summer storms, is the house you’re planning to buy storm proof?
Fewer things are as prime as a beachfront real estate. But if the beach is in a city that’s vulnerable to hurricanes, you never know when nature will batter the property and send its value tumbling.
In Arizona, there is no ocean-hugging its borders, but some parts of the state are still vulnerable to hurricanes originating in the eastern Pacific Ocean.
When buying property in the state, whether in Scottsdale or Phoenix or Paradise Valley, or elsewhere, evaluate how extreme local weather affects properties. If the area is susceptible to adverse weather, say summer storms, is the house you’re planning to buy storm proof?
Best Places to Buy a Vacation Home in Arizona
Once you have a good understanding of the four points above, it’s time to consider exactly where you’d like to live. There are a number of top-shelf communities in the greater Phoenix area, each with unique features and benefits. Some of the most popular areas include:
Paradise Valley: As one of the wealthiest communities in the United States, this highly coveted area is ultra-exclusive, secluded, and absolutely beautiful. With close proximity to major highways, as well as downtown Phoenix and Scottsdale, residents enjoy a quiet desert oasis with beautiful mountain and desert views that is close to all of the high-end amenities, shopping, dining, and more that you would expect.
Scottsdale: Scottsdale is a popular destination for those looking to purchase vacation homes. Outdoor enthusiasts love the recreational opportunities around Pinnacle Peak, McDowell Mountains, and the Scottsdale Greenbelt as well as numerous world-class golf courses. Those who crave the urban lifestyle enjoy high-end boutiques, fine dining, The Old Town Entertainment District, and Fashion Square. There are two distinct areas: North Scottsdale and Central Scottsdale. Learn more about what each area offers here.
Biltmore: Dubbed “The Grande Old Dame of Phoenix,” the Biltmore neighborhood is characterized by the legendary Arizona Biltmore Resort—a classic symbol of Phoenix that has been home to numerous luminaries throughout the years. Real estate in the area includes amazing patio homes along an impeccably manicured golf course, well-appointed condos, and estates that harken back to the old-world Spanish Colonial Revival. The Biltmore Corridor offers a plethora of 5-star restaurants, posh retail facilities (including the beautiful outdoor Fashion Park), and other upscale amenities.
Arcadia: Real estate in this neighborhood is a favorite among young families. While exploring the area, you will love the mature landscaping, including majestic palm trees, fragrant citrus trees, oleander hedges, and lush green lawns found on many properties. Rolling mountain views and hiking and biking trails along the Arizona Canal make Arcadia an ideal area to enjoy the surrounding beauty and stay active. With the Biltmore Corridor nearby, fine dining, upscale shopping, and other first-class amenities are just minutes away.
North Central Phoenix: Steeped in history, this quaint, quiet area boasts historic European-style homes with mature landscaping and ash trees lining the streets. Residents can take in the scenery along the Arizona canal and walk, bike, or go horseback riding through the Murphy Bridle Path, which dates back to when Wyatt Earp was the sheriff of Tombstone. Because the entire area is listed on the city’s historic property register, you can rest assured knowing that real estate with this historical charm is protected from “inappropriate” development. If you are looking for a more affordable option, your dollar will stretch farther in North Central Phoenix. This location is in close proximity to a wide array of shopping, dining, and entertainment options.
Buying a Vacation Home: You’ll Rarely Go Wrong in Arizona
If you’re the kind who spends holidays away from home, buying a vacation home is no doubt a smart investment. You’ll no longer have to worry about making accommodation bookings and whatnot.
And if you had your eyes on Arizona as an ideal place to buy your property, we’ve fleshed out the things you need to consider.
Hopefully, you will make the right buy. Should you need expert help from an Arizona-based realtor, don’t hesitate to get in touch with me.
_________________________________
Would you like to buy a vacation home in Arizona? Great choice! Get the best deal on the perfect property with Thomas Osterman, a top real estate agent in Arizona.
Contact Thomas online or give him a call at (602) 405-4052 today to learn more.
Read Related Articles:
