Summer is officially here, making it the ideal time to start planning your vacation and relaxation spots for the season. If you're eager to escape and enjoy some sunshine, consider whether owning a vacation home might be right for you.
A survey by Ameriprise Financial highlights why people purchase second or vacation homes (see below):
Vacation destination or stress relief (81%) – A second home can serve as a special retreat where you can relax and break free from daily routines and stress. Plus, you won’t need to worry about finding accommodation when you visit.
Better weather (49%) – Buying a home in a location with nicer weather can offer a pleasant escape, especially if your primary residence experiences cold or rainy conditions. Enjoy sunny days and warm temperatures even when it's not so nice back home.
Rental income (41%) – Renting out the property when you're not using it can generate extra income.
Future primary residence (33%) – You might move into the home full-time during retirement, allowing you to enjoy vacations there now and have a future retreat ready.
Venue for family and friend gatherings (25%) – A second home can be a special spot for parties, family trips, and creating fun memories.
Ways to Buy Your Vacation Home
You don't need to be wealthy to purchase a vacation home. Bankrate offers two tips to make this dream more attainable:
Buy with loved ones or friends: Sharing the purchase with others can pool resources and make it more affordable.
Set up a savings plan: Although it requires patience and persistence, incorporating a vacation home savings plan into your budget with regular contributions can help.
Finding Your Dream Spot with a Little Help from an Agent
If the thought of lounging at your own vacation home excites you, now is a great time to start looking. Summer is a popular season for buying vacation homes, so it's best to get a head start.
Your first step should be to team up with a real estate agent. They possess extensive knowledge about the area you’re interested in and can guide you to the best properties. Additionally, they can provide essential information about owning a second home and its benefits. According to Bankrate:
"Buying real estate in a new area — or even one you’ve vacationed in for many years — requires expert guidance. It's 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.”
If the idea of owning your own vacation home appeals to you, connect with a real estate agent.