If you’ve been looking for an awesome vacation home in the greater New York City area, it would be a smart move to check out Westport, Connecticut.

Westport blends the best of two worlds. It is a charming New England town located on the north shore of Long Island Sound just one hour outside of New York City.

It has plenty of attractions and activities during both the summer and winter seasons. If you purchase Westport real estate as a vacation home, you can enjoy Compo Beach in the summer and the Levitt Pavilion for the Performing Arts, and use the home as a holiday getaway for Thanksgiving and Christmas. You’re sure to create years’ worth of memories of family get-togethers and other special events spent in a wonderful Westport home.

With Westport being so close to New York City, you can even use it as a weekend getaway. There are always loads to do in Westport year-round. Visit the delightful downtown area along the Saugatuck River for excellent dining and shopping, including local merchants as well as upscale retailers that sell national and international brands.

Westport is easy to get around on foot. And it’s a breeze getting to and from New York City via the Metro-North Railroad.

Westport is also right next to Norwalk to the southwest, and Bridgeport is just a short distance to the northeast.

Home prices in Westport

So, is now a good time to buy a vacation home in Westport? According to Zillow.com, the median price of houses for sale in Westport, Connecticut, is $1,360,692. While that is an increase of 20.4% over last year, prices appear to have leveled off during the last few months.

The median price is an average, meaning half the homes sell for more than that price and half go for less. There is a range of prices available in Westport. Of course, luxury homes and estates along the waterfront will cost more than the median, with some reaching as high as the $5 million-$6 million range.

Find a real estate agent

If you’ve decided that it’s time to start searching for homes for sale in Westport, your first step is to hire a terrific real estate agent with extensive experience in helping clients find homes in this desirable community.

Hiring a knowledgeable agent is a must. He or she will represent your best interests throughout the entire process, from helping you narrow down which properties are right for you to negotiating with the seller’s agent and then closing the deal.

As you begin the process of hiring an agent, you should also be narrowing down just what it is you want from Westport, Connecticut, homes for sale that will serve as a vacation property. If you have the financial means, a luxury waterfront home will be the ultimate in a vacation home, perhaps on Long Island Sound along Compo Beach or on Seymour Point, or along the Saugatuck River.

If your budget is a bit more limited, there are many other fine neighborhoods with homes in your price range that will still provide everything you’ve been looking for in a vacation home.

Once you’ve done your research and hired an agent, sit down with him or her and sketch out what you’d like in a vacation home so your agent can start lining up suitable properties to view. If you discover one you absolutely love, draft a competitive offer and submit it to the owner. You also need to have financing lined up for a second mortgage. As with purchasing a primary residence, it’s always wise to be preauthorized by a mortgage lender to prove to the seller that you are serious.

Factors in buying a vacation home

While it is certainly exciting to be looking for houses for sale in Westport, Connecticut, to use as a vacation home, there are a handful of factors you should consider that will help guide you through the process.

Plan your usage

Purchasing a vacation home can cost even more than your primary residence. With that in mind, you need to have a good idea of how often you will use it throughout the year. The more you use it, the better investment it will be. One of the advantages of owning vacation Westport real estate is that you will save the expense of hotels and dining out every time you visit.

Just as with your primary residence, your vacation home will begin appreciating in value immediately, and you will be able to enjoy tax advantages. If you really love the property, it can also serve as your residence once you retire. When you are not spending time there, you can rent it out to help pay the mortgage and other expenses.

Financial considerations

Before committing to buying Westport, Connecticut, homes for sale, review all the financial aspects of the purchase. First, make sure your income and savings are sufficient to cover an additional mortgage, a homeowners insurance policy, and the cost of maintenance and repairs. You should have enough left over to live comfortably so you can actually enjoy visiting your vacation home.

When you meet with a lender to secure a mortgage for your vacation home, expect to pay a larger down payment, usually 30% instead of 20%, and the interest rate will probably be higher. This will add to the overall price tag of your vacation home.

Consider renting it out

Once you have an idea of how much time you’ll spend in your Westport real estate, you can devise a plan for renting it out the rest of the time to help cover the costs you’ll incur. Study the Westport rental market and learn about the responsibilities of being a landlord. You’ll also need to hire a property management company to assist you in finding renters and maintaining the property.

These are just some of the things to know before shopping for Westport, Connecticut, homes for sale to use as a vacation home.

If you have your heart set on obtaining Westport real estate in the near future, contact The Local Realtors for the best client services in town.