It's something we've all thought about, but only a lucky few actually go through with. Now that summer's rolling around, the thought of investing in a vacation home has probably crossed your mind again. Maybe you live in an inland town and wish you could drop everything and head to the beach without planning your accommodation. Maybe you're looking for another source of income — but you're limited on time. Or perhaps you're thinking of retiring in a few years and want to save up so you can head to a stunning coastal location. Whatever your reason, you should know that buying a second home doesn't have to be a far-off dream. That being said, you should be informed before making the decision and you should head into your home search equipped with the right knowledge — and the right reasons — for buying. Here are 5 reasons to say yes to a vacation home!
Vacation Planning: Easy!
Once you have your own vacation home, there'll be no more planning out accommodation, waiting online for last-minute hotel deals, and wondering whether you can find a luxury hotel with all the things your kids are asking for — while staying on budget. Suddenly the overall vacation is more affordable, allowing you to go more frequently and with much less to worry about. Sure, you'll want to travel to new places as well, but knowing you have your own place to go to with financial security will encourage you to take those vacation days you've earned.
You'll Pick Up New Hobbies
Always wanted to get into golfing or paddling but you simply never had the time? Maybe you really want to be a diver, or you love fishing, but the nearest body of water is 2 hours away from your year-round home. When you visit your vacation home, you'll have all the time in the world to spend pursuing the hobbies, making friends, and building skills that you may not have found the hours to spend on otherwise. And best of all? You'll have your own place to unwind in afterwards.
Quality Of Life
There's no denying it — time goes by quickly when you're working full-time. If you've done the math and you'll only break even, as long as you have a strong financial plan, it might still be worth the investment. Why? It'll encourage you to take vacations you may have passed up on, spend time with family, and enjoy spectacular natural spaces. You might catch up on reading, become a "regular" at a local cafe, and make lifelong friends in your vacation community. Having a vacation home will inspire you to get away from the daily grind and make time for the things that really matter. That being said, talk to a trusted real estate agent before you take the plunge.
It's Likely Profitable
You'll need to plan accordingly — not everyone's financial situation is the same, and calculating the costs is an in-depth process that will also require you to confront maintenance — you'll be paying for cleaning, upgrades, property fees, utilities, and more — not to mention insurance. Take your time in making this decision, and you'll know exactly what you're taking on. By doing so, you'll extract the full benefits of owning a vacation home — and there are many.
By securing a home in the place you're hoping to retire, you'll not only be taking care of one of the biggest steps ahead of time, you'll have an extra source of income to help you out on the way to retirement. If you're planning on retiring in your senior years, try to select a low maintenance and easy-mobility home; a condo with in-house amenities, landscaping provided, and elevators will be more convenient than a sprawling beachfront cottage with a yard and winding staircases.
Thinking about buying a vacation property? Whether you're ready to start looking or you're still in the planning stages and haven't quite made a decision, we can help. Get in touch with The Gatti Team today and receive expert guidance from your Gulf Shores, Orange Beach, & Perdido Key property specialists!