A vacation home can be for more than just the summer. With an active housing market, and rates still hovering around historic lows, now may be the perfect time to consider investing in a vacation home. This decision comes with a big personal and financial commitment—given the research and preparation required, and the likelihood of paying off two mortgages at the same time.
Nonetheless, buying a vacation home can be especially appealing and favorable when you throw in these personal and financial benefits.
The opportunity to build even more memories and have roots in another community shouldn’t be overlooked. This home can be a special place to host loved ones, create new traditions, or give you peaceful haven when you want to get away.
Your children will benefit from new experiences and friends, too—and as the family evolves, your vacation home can serve as an heirloom and be passed down to future generations.
Whether your house is near the beach, on a lake, or in the country, there’s a good chance this property will become your family’s go-to vacation for any season. And why not?
You’ll pocket what you would have spent for accommodations elsewhere. Plus, have we mentioned it’s all yours? You decide how long you want your visits to be, who will join, and what belongings you want to keep there.
Making a vacation home purchase with the intention of retiring in it and selling your current house can be a huge money saver for you. How? You’ll be reducing your mortgage debt before it even becomes your primary residence.
And once you retire, the profit from your sold home can go toward the current mortgage balance of your vacation home.
This will also make your transition easier, given that you’re already familiar with the location, community, and most of all, the home.
When it comes down to it, owning a second home is not for everyone. From your rationale and financial well-being to the local market and trends, there’s plenty to consider before making a decision.
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Credit: Pinterest, behance
