It’s everyone’s dream to be able to retreat from work a few weeks out of these year in another place they can come home. This place may be a fun beach bungalow in South Florida or a cozy mountain retreat in the blue ridge mountains. Whatever the case may be, owning another home can be a great thing for more reasons than one. Today we’re going to talk about a few things that may help you decide if a vacation home is right for you.
The blue ridge mountains and South Florida are great places for a vacation home. They are great because both the blue ridge mountains and South Florida are very accessible. The blue ridge mountains and South Florida are also considered one of the most beautiful places on the east coast. Additionally, if you are a beach person South Florida might be your choice, but if you are a mountain adventurer the blue ridge mountains might serve you better. Either way, a vacation home can be very economical and be a great investment for many years to come.
The first thing you have to look at is how long you’re going to be vacationing in your second home. If you’re going to be 1,500 miles away and you only have 1-2 weeks per year to vacation you might want to look at just renting a room in a hotel instead. Due to the expense of owning a vacation home, it probably won’t be worth your while to actually buy a home.
However, there is a good alternative. If you have your mind set on a vacation home even if you’re only there a short amount of time, you can look at renting it out to other vacationers. This will help bring in extra income and you’ll be able to offset some of the costs of having another home while watching your investment grow in value.
The second thing to look at is how far away you are or long it may take you to get to your second home. If you have the ability to quickly gain access to your home you’ll probably be able to spend a lot more time there. This will make it worth your time and money to buy a home instead of just renting.
A good example would be someone who lives in a place like Salt Lake City, Utah or Denver, Colorado. These are both larger cities that are next to large mountains with plenty of outdoor recreation. These people have the ability to drive to a mountain cabin just 30-60 minutes away and feel like they’re in a whole different world.
Another example would be if you lived 2-3 hours from the coast in places like California, Oregon, Texas, or Connecticut. You’d be able to get in your car and quickly head up to your vacation home every weekend or every other weekend to lay out at the beach if you so choose.
In examples like this, you probably wouldn’t even worry about trying to rent it out because you’d be using it so much it wouldn’t be worth it to do so.
The third thing to look at is the investment side of the issue. While you may be looking at your vacation home as a place to relax, I am sure you’ve already thought of the side benefit of using it as an investment to grow over time.
The key to this is to buy in an area that is relatively undiscovered and growing in popularity. You can also look at places like Arizona, Vegas, or Florida at places that have high real estate prices that have recently been distressed. If you’re looking at it as just a place to get away, you won’t have to worry every waking moment about the value of your property.
After having it 5-10 years you’ll obviously have made a good investment as the price will probably dramatically increase depending on the area in which you’re choosing to recreate.
The next tip is to decide what you’re most interested in and find a home in the area. If you like snow skiing, hiking, mountain biking, kayaking, fly fishing, and other outdoor adventures like this you’ll probably want to look more for something more like a cabin in a mountain area.
If you’re more in to beautiful weather most of the year and laying on a beach you’ll obviously want to get a great house right on the coast where you can enjoy being in your own paradise. If you’re like most people you probably picture yourself next to the ocean on the beach drinking something nice and taking in the sunshine.
However, the choice is up to you and what will best fit you and your family.
While these tips aren’t everything you need to consider when looking for your next home, they’ll give you a good start on deciding what steps you want to take to find the vacation home of your dreams.