Summertime might just be the time you’re thinking about how much you love to vacation. What if your plans include the possibility of owning a vacation home, a place you can rest, unwind, and spend more time with your family?
Buying a vacation home also has several other benefits to keep in mind, such as:
Lowering your vacation expenses.
When you own a vacation home, the cost to vacation is minimized. No more rental or management fees; you only need to allot for transportation expenses to get there.
More frequent vacations.
Because of lower vacation costs, you can afford to take more vacations to improve your lifestyle, especially if you have a more flexible work schedule and can work remotely at your vacation home. These more frequent vacations also build memories for your family over decades because you’re returning to the same vacation home, which is priceless.
Guaranteed access to a vacation property designed for you.
What could be better than having guaranteed access to a vacation property when you want it and designed exactly to your quality preferences: the mattresses and linens you like, the furniture, lighting, and finishes in your style, kitchen appliances you prefer, and more details that you can improve over time.
Diversifying your income.
If buying a vacation home makes financial sense for you, owning this real estate in addition to your primary residence is a great way to diversify your income. If you offer it as a short-term vacation rental when you aren’t using it for your personal vacations, this income will pay for itself, plus cover any maintenance, furnishings, and ongoing expenses for the future of the property.
This investment could also build equity for future generations. If you own a vacation home property for a long period of time, this equity will benefit whoever you leave the property to.
Investing in real estate is one of the best ways to prepare for retirement, and purchasing a vacation home will give you a head start. When it’s time to retire, the property will have gathered a good amount of equity so you can sell the property, refinance it, or move into it as a permanent residence. The freedom is yours.
Start your search for a vacation home to buy by enlisting the help of a local real estate professional who knows the area well and can walk you through the process seamlessly. When you’re ready to get started, let’s connect.
Paige Bird has been a real estate agent in Myrtle Beach since 2004 and has been named the #1 RE/MAX Agent in South Carolina for 8 consecutive years. In 2022, she closed on 75 properties for a total of $26,472,347 in sales volume and an average list-to-sales price of 99.10%.