Why a Vacation Home Is the Ultimate Summer Upgrade

Why a Vacation Home Is the Ultimate Summer Upgrade

Summer is officially here, making it the perfect time to start planning your vacation and unwind this season. If you’re excited about getting away and having some fun in the sun, it might be worth considering if owning your own vacation home is right for you.

An Ameriprise Financial survey sheds light on why people buy a second, or vacation, home (see below):

• Vacation destination or a place to get away from the stresses of everyday life (81%) – Owning a second home as a vacation spot provides a special place to relax and escape daily routines and stressors. It also eliminates the hassle of finding somewhere to stay each time you visit.
• Better weather (49%) – Purchasing a vacation home in a location with better weather can be a wonderful retreat, especially if you typically reside in a cold or rainy area. This way, you can relish sunny days and warm temperatures, even when the weather at home isn't as favorable.
• Rental income (41%) – When you're not using your vacation home, you can rent it out to others, which can help you generate some extra income.
• Primary residence in the future (33%) – You can eventually move into the home full-time during retirement. This allows you to enjoy vacations there now and have a ready-made getaway for your future.
• Having a venue for gatherings with family and friends (25%) – It would be a special place where you can host parties, enjoy regular family trips, and create lasting memories.

Ways To Buy Your Vacation Home

And you don’t have to be wealthy to buy a vacation home. Bankrate offers two tips to help make this dream more achievable for anyone interested:

• Buy with loved ones or friends: If you’re comfortable sharing the vacation home, you can partner with others to split the purchase price and pool your resources, making it more affordable.
• Put a savings plan in place: It will require patience and persistence, but consider adding a vacation home savings plan to your budget and contributing to it monthly.

Finding Your Dream Spot with a Little Help from an Agent

If the idea of enjoying the sun at your own vacation home appeals to you, now is the time to start your search. Summer is when many people aim to buy their slice of paradise, so early action is advisable.

Your first step should be to partner with a real estate agent. They possess comprehensive knowledge of your desired area, can recommend suitable properties, and provide essential insights into owning a second home and its potential benefits. The same article from Bankrate explains:

“Buying real estate in a new area — or even one you’ve vacationed in for many years — requires expert guidance. That makes it a good idea to work with an experienced local lender who specializes in loans for vacation homes and a local real estate professional. Local lenders and Realtors will understand the required rules and specifics for the area you are buying, and a local Realtor will know what properties are available.”

Bottom Line

If owning your own vacation home sounds appealing to you, let’s have a conversation.