Are you considering buying a second home in St. Petersburg but are not sure if it’s the right move? As one of the best places to live in America, St. Petersburg offers a thriving downtown area, beautiful weather, and endless boating and outdoor adventures. With plentiful opportunities all year round, St. Petersburg is a great city to invest in a second home.
Continue reading for The Salamone Group’s expert guide to finding out if buying a vacation home for sale in St. Petersburg is right for you.
WHERE DO YOU WANT TO BUY?
Just like with a primary residence, the location of your second home is extremely important. When considering which St. Petersburg neighborhood best fits you and your family, do some research and look into what each neighborhood offers in terms of nearby amenities. Visualize yourself in the community, considering the proximity to popular attractions, outdoor adventure spots, and everyday essentials to make your life effortless.
St. Petersburg has a diverse selection of neighborhoods, from iconic communities close to the downtown area filled with single-family historic homes to waterfront neighborhoods offering panoramic views of the Gulf of Mexico.
For example, consider the affluent Boca Ciega Bay neighborhood, which provides the perfect oasis to experience the ultimate beach lifestyle. Many come to this neighborhood to spend the rest of their days after retirement or vacation in paradise for a few weeks.
Another popular destination in the southern part of St. Petersburg is Coquina Key, an ideal beach haven with many families visiting and renting vacation properties during the tourist season.
As for the boating and nature enthusiasts, consider the Tropical Shores neighborhood, which offers gorgeous homes with convenient access to marinas and other outdoor adventures. Consult with your St. Petersburg Realtor® to help you locate a community that best fits what you want the most in your second home.
WHAT AMENITIES ARE LOCATED CLOSE TO YOUR SECOND HOME?
Photo courtesy of Dali Museum
When determining whether a second home in St. Petersburg is right for you, consider the home and community amenities you would have access to. Whether your home is on the waterfront or in the downtown area, you can easily walk, bike, or drive just a short distance to St. Pete Beach, which has been ranked the fifth-best beach in the world, for various water and boating activities.
Owning a vacation property or second home in St. Petersburg means having access to a vibrant downtown scene and highly rated restaurants to explore whenever your heart desires. You can visit the world-renowned Salvador Dali Museum and grab the local, organic produce at the Saturday Morning Market in downtown St. Petersburg. Other famous sites, such as the gorgeous and expansive Fort De Soto Park, offer a wealth of walking, hiking, and boating activities. There are also various grocery stores, pharmacies, and hospitals located within proximity to your second home for convenient access.
WHAT IS THE PURPOSE OF YOUR SECOND HOME?
Even more than your primary residence, a second home is truly multifaceted. Consider your end goals in determining if buying a St. Petersburg beach house is right for you. Are you looking for a relaxing and luxurious place to spend every summer or winter holiday with your family? How much time can you spend in your second home? Furthermore, how long do you envision owning your second home? Answering these questions can help determine what you want in a second home.
As a beautiful city along the famously stunning Gulf Coast, St. Petersburg is a popular summer retreat for many vacationers, retirees, and families. With the rising popularity of second homes, there has recently been a tremendous increase of 57.2% in vacation home sales in St. Petersburg. Moreover, St. Petersburg is experiencing a strong seller’s market, with more and more people buying primary and secondary homes despite limited inventory.
With this in mind, many are seeing the value in investing in a luxury second home in St. Petersburg. Real estate seekers are looking for those incredible summer family vacations in a gorgeous waterfront home along the magnificent Gulf Coast.
CAN YOU ADD ON A SECOND FINANCIAL RESPONSIBILITY?
Photo courtesy of Unsplash
When considering purchasing a second home, you must work out the logistics of the additional financial responsibility you would have as a homeowner. Work with your financial advisor, who can examine your income, assets, and other investments to determine how and when you should purchase your second home.
A second home buyer has different financial requirements compared to purchasing a primary residence. In buying a second home, you typically need more cash up front, higher credit, and higher interest than mortgage loans for primary homes. Whether you pay with cash, use existing equity accrued from your primary residence, or get pre-approved for a mortgage loan, consult your financial advisor to determine which option would be best for you.
WHAT HAPPENS TO YOUR SECOND HOME DURING THE OFF-SEASON?
You will probably not be in your second home full-time. With that in mind, you must consider what to do with your home when living in your primary residence. Many investors decide to rent out their properties to tourists and vacationers.
Whether you live 20 miles or 200 miles from your second home, consider hiring a property management company, especially if you are renting it out. Your property management company can oversee the maintenance and cleaning of your home to keep it in top condition. In addition, your property manager can send regular detailed reports and inspections on your second home. Other services may include storm preparation services, landscaping services, and maintenance of pools, spas, and tennis courts. Working with a professional property management company can ensure that your second home will be given the best possible care.
READY TO MOVE FORWARD?
Determining if you should invest in St. Petersburg real estate can be difficult and complex. For guidance you can count on, consult with The Salamone Group. As specialists in the luxury St. Petersburg market with more than 100 years of combined experience, this is the team you want on your side when you embark on your real estate journey. Reach out to them today.
*Header photo courtesy of The Salamone Group