Vacations are a great way to escape, improve productivity, reduce stress, and more. The problem is finding the perfect destination for vacation and meeting everyone’s wants and needs, assuming you travel with other people.
The solution: a vacation home. Here are three reasons why buying a vacation home is a great investment.
Easy, Affordable Vacations
A vacation home can be anywhere in the world and therefore as expensive or cheap as you desire. It can be near the beach or lake, somewhere in the mountains, in a city, or even in the suburbs—a vacation home is located wherever you want to vacation. While a vacation home is an investment and is typically more money upfront (because of down payments and closing costs), over time it becomes more affordable.
As an example, if you search for cabins for sale, you’ll likely find homes that are set in dream-like settings yet have a price tag. After the closing costs, you’ll simply have to make monthly payments like any other mortgage. In time, the home will be paid off and you’ll, in a sense, vacation for cheap (or free). That’s especially the case if you’re able to pay the house in full.
This becomes easier and affordable because your vacation spot is already picked out—there won’t be any arguments about where you and your travel companions should go—and affordable because you won’t have to book hotels, pay for resort fees, etc.
You Can Rent It Out
When you’re not using your vacation home, you can make money (or cover the cost of a mortgage) by renting it out. Depending on how much you rent it out for, you could have the costs of your rent covered—when you’re not, of course, using it. However, you should check local laws to see how much you can rent your home for, and depending on laws, you might be able to raise the costs on weekends and holidays.
If you decide to rent out your property, then you also have to follow certain laws and ensure your rental home meets rules and regulations. Not to mention, you’ll have to clean the home after each use and hold guests responsible if something breaks or another problem arises. There’s risk in renting out your vacation property, but when done properly, you can make good money, especially if your home is paid off.
Eliminate The Stress Vacations Can Bring On
Vacations are supposed to be a time of relaxation, recharging, and living in the moment. Unfortunately, there tend to be many stressors that accompany a vacation, such as picking a destination, booking flights, renting cars, finding places to eat, getting to know the area you’re visiting, and the list goes on.
Ideally, these problems are eliminated with a vacation home because you already know what to expect. You’ve been on this vacation before and with every trip, you become more of an expert. You figure out what you like, what additions you need to make, and what you need to eliminate. Eliminating the stress of a vacation—something that should relieve stress—is reason enough to purchase a vacation home. Time and money are good things to invest in, but it’s just as important to invest in your physical and mental health.
If you’re considering a vacation home, then you might be wondering this question: what are my home loan options? Whether you’re buying a home, refinancing, or want to build a new one, there are resources available to estimate the costs of your situation. The thing is, you never know if a vacation home is affordable or not until you start looking at destinations and home loan options. A vacation home is a great investment when done properly.