Summer is officially here and that means it’s 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 make sense to consider if owning a vacation home is right for you.
An Ameriprise Financial survey sheds light on why people buy a second, or vacation, home:
- Vacation destination or a place to get away from the stresses of everyday life (81%) – Having a second home to use as a vacation spot can be a special place where you go to relax and take a break from your daily routines and stressors. It also means you won’t have to worry about finding somewhere to stay when you go there.
- Ideal weather (49%) – Buying in a place where there may be ideal weather, either snow in the winter or sun in the summer, can be a great escape, especially if it’s rainy or cloudy where you usually live.
- Rental income (41%) – You can rent it out to other people, either short or long term, when you’re not using it, which can help you make some extra money.
- Primary residence in the future (33%) – You can eventually move into the home full-time during retirement. That means you can enjoy vacations there now and have a getaway ready for your future.
- Having a venue for gatherings with family and friends (25%) – It would be a special spot where you can have parties, regular family trips, and create fun memories.
Ways To Buy Your Vacation Home
And you don’t have to be wealthy to buy a vacation home. Bankrate shares two tips for how to make this dream more achievable for anyone who’s interested:
- Buy with loved ones or friends: If you’re okay with sharing the vacation home, you can go in on the purchase price together and pool your resources to 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.
- Expand your horizons: Look outside of the typical tourist areas or a short drive from the biggest attractions. Often you can save on the price of your home in areas that may not be as well known but may still offer the same appeal.
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’s when everyone’s trying to buy their slice of paradise, so it’s best to start early.
At Arrive Real Estate Group, we have a network of the top agents across the country waiting to help you. Like Arrive, they know all the ins and outs of the area you want to be in, and which homes you should look at. Plus, they can give you the lowdown on everything you need to know about having a second home and how it can benefit you. Contact us today to learn more about how we can help you upgrade your summer with the purchase of a vacation home!
