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 where you want to 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 provides insights into 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%) – Having a second home as a vacation spot can provide a special place to relax and escape from daily routines and stressors. It also means you won’t have to worry about finding accommodation each time you visit.
• Better weather (49%) – Buying a vacation home in a place with nicer weather can provide a great escape, especially if you live in a colder or rainy area. It allows you to enjoy sunny days and warm temperatures, even when the weather back home isn't as pleasant.
• Rental income (41%) – You can also rent it out to others when you're not using it, 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 can become a special spot for hosting parties, enjoying regular family trips, and creating fun memories.

Ways To Buy Your Vacation Home

It can become a cherished place for hosting parties, enjoying regular family trips, and creating lasting memories.

• Buy with loved ones or friends: If you’re comfortable with sharing the vacation home, you can consider purchasing it together with friends or family. By pooling your resources, you can make it more affordable.
• Put a savings plan in place: This 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 basking in the sun at your very own vacation home sounds appealing, you might want to start looking now. Summer is when everyone is trying to buy their slice of paradise, so it’s best to start early.

Your first move is to team up with a real estate agent. They know all the ins and outs of the area you want to be in and which homes you should consider. Plus, they can provide all the information you need about owning a second home and how it can benefit you. The same article from Bankrate says:

“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 the idea of owning your own vacation home appeals to you, let’s chat.