A vacation home is so much more than a seasonal getaway or a once-a-year destination. It is a place where family and/or friends can escape the day-to-day grind, refresh and recharge, and make memories that will last a lifetime.
For many people, their family vacations are some of the most cherished times they ever had. And the fact that vacation homes have so many benefits beyond just being a place to hang out, they are definitely something you should look into before your next trip.
And with reputable companies like Lewis Realty making it easier than ever to purchase one, now might be the right time for you. Here are 4 reasons why:
1. A Vacation Home is a Great Investment
When people think of buying a vacation property, they tend to think of it as a purchase rather than an investment. However, there are three tremendous financial benefits to buying a vacation home. They are:
- Rental income
- Home equity
- Tax breaks
These are just a few of the ways that a vacation home can benefit you financially. There is also the resale value that generally goes up over time, the money you save on lodging on trips, as well as leaving the property to a loved one as an inheritance. Hilton Head realtor Dino DiNenna explained it more interestingly, “A vacation home also can be a great way to create lasting memories with your family and friends. If you’re thinking about buying a vacation home, be sure to do your research to find the right property for your needs. With careful planning and preparation, a vacation home can be a great investment that will pay off for years to come.”
But real estate pros like the ones at Lewis Realty know that nothing compares to the non-monetary value they offer.
2. It Can Double as a Second Home
If you tend to take longer vacations, or if you have adult children or grandchildren that need a place to stay, a vacation home is a fantastic option. It can be used by anyone who needs it as a temporary or even semi-permanent residence, without any new expenses being incurred.
You can also purchase it strategically (Lewis Realty specializes in this) if you plan on transitioning to it as a permanent residence soon, as we will look at in the next section.
3. It Can Help You Prepare for Retirement
Knowing where you intend to retire can make the process so much easier. Additionally, already having knowledge of the area and the people there can make the move much more pleasant than relocating to a place that is unfamiliar.
And if you purchase the property before you sell your current home, experts like Lewis Realty suggest using the equity from the sale to pay down (or off) the vacation/retirement home. This eliminates the main source of debt for your golden years!
4. It Makes Vacation Planning Easy
How many times have you been at odds with family members on where to go and what to do? You may prefer one place while your spouse is in favor of another and the kids even somewhere else.
Then there is the booking of the facilities, the coordination of travel plans, and everything else that goes along with choosing a different destination every year. With a vacation home, you know where you are going each time, leaving nothing left to plan but the fun.
Regardless of where your vacation home is located (on the beach, near a lake, in the mountains), the opportunity to have your own private getaway is ripe with benefits. From spending time with your family to the many financial perks, it is certainly worth considering very seriously.