Wyckoff’s unfamiliar name comes from the Native American word for “high ground.” This quaint New Jersey town is home to just over 16,500 residents and is governed by a township committee. The committee is lead by five committee members who serve three-year terms. The committee ensures that Wyckoff remains a place that focuses on a high quality of life for its residents.
Many homeowners believe it may be out of their league to purchase a vacation home. Yet with its currently booming market, buying vacation homes in Wyckoff is no longer an impossible dream.
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Vacation Homes in Wyckoff
The vacation home market is thriving as baby boomers near retirement age and begin looking for a home away from home. In 2004, 13 percent of homes purchased were vacation homes. Experts believe this number will continue to climb as more individuals realize they have the purchasing power to buy a second home. There are, however, several distinguishing features of a vacation home you should know about while researching vacation homes in Wyckoff.
Affording a Vacation Home
First, a second home often requires a larger down payment. This down payment can be as high as 25 percent or more. While this number may seem daunting, there are practical ways to deflect the costs associated with owning a vacation home. You will probably get a better deal if you purchase your home during the off-season; summer typically brings with it an onslaught of impulsive people eager to purchase a vacation home. If you, on the other hand, begin your search in the winter, you will have less competition and more negotiating power with the seller.
Also, renting out your vacation home during the year can be a great way to help you cover some of the cost. Remember, a home that you only use for your yearly vacation now can turn into a permanent retirement home down the road. Be sure to look into all the practical opportunities available to you to make owning one of the vacation homes in Wyckoff more affordable.
Selecting a Location
Now that you know it is possible to afford a vacation home, it is time for you to decide on a location. This is an important decision and is not one that should be decided on a whim. Ask yourself if you really want to spend all or almost all of your vacations here. Take into account your recreational and lifestyle interests. Do the vacation homes in Wyckoff offer you the landscape, activities and style of living you most prefer? If you can answer yes to these questions, then you have chosen the right place.
Visiting Potential Homes
Now it is time to tour the homes in which you are interested. The most typical vacation homes are either houses or condominiums; which would you prefer? If you do not live in Wyckoff, you should definitely take a trip or two to view potential homes and to make your decision; trying to make a purchase from across the state or country is a dangerous idea, and you could end up with a home that does not live up to your expectations. Once you have decided to make an offer on a home, be sure to have a home inspection done to ensure its quality.
Looking at vacation homes in Wyckoff will be an exhilarating and important step in your life. Affording a vacation home in today’s world is possible. Contact your Wyckoff real estate agent today to begin your search.
By Stephanie Allen
A REALTOR® is a real estate professional who is a member of the National Association of REALTORS®