Considering a Second Residence? Here are some Strategies for Affording a Vacation Home
Vacation homes are something that are often thought of as being only for the wealthy. That doesn’t have to be the case, as there are a number of ways ordinary people just like yourself can have the vacation home they desire, without overextending themselves financially.
Consider Renting the Residence Part Time
One way people are able to afford a vacation home is by renting it to other travellers for short periods of time throughout the year. That way, the home is generating a source of income, yet is also available whenever it’s needed. If you do decide to go this route, think about how you will keep up with maintenance on your vacation home. A property management firm can be very useful in turning over keys, keeping up with maintenance, and promoting your rental, thereby allowing you to at least cover your operating expenses.
Calculate your Savings
If you regularly travel to a particular area multiple times each year, buying a vacation home might actually save you money in the long run. Rather than having to rent a hotel room, you could stay in the comfort of your own home instead. You would also save money on meals by preparing them at home rather than eating out. Plan wisely, and you might discover that a vacation home isn’t all that far out of reach after all.
Plan for an Investment
Maybe you’ve always dreamed of retiring in a certain area, in which case you could consider your vacation home a long-term investment. If this is the case, consider deferring any money you are now investing into the purchase of a vacation home instead. You’ll be building equity in your new home, and will already have the framework in place for your retirement once that day finally does get here.
People who take regular vacations lead happier, healthier lives. If building a vacation home is on your bucket list call us toll-free at 1-866-971-0239 or contact us to discuss how we can provide a cost effective solution to building your vacation home.