There are many compelling reasons to purchase a “vacation” home. As with other real estate purchases, location is the single most important factor when choosing a vacation property. Here I will discuss 5 good reasons to own a vacation home.
1.To use on vacation or family retreat.
The leading reason people choose to purchase a vacation property is for their own personal use and enjoyment. Imagine the flexibility of being able to visit at any time, the convenience of having personal items left in place and the comfort of knowing what to expect upon arrival. You may even meet people in your neighborhood and make some friends along the way!
2. It could become your primary residence in the future.
The purchase of a vacation home is often made with the expectation that it will become their home at a later point in life. People who frequently vacation in one area may dream of living there during retirement. Years from now, you will have your dream home in an area, upgraded and paid for!
3.To rent it to others.
Vacation homes offer a unique opportunity to generate income or offset the costs of the purchase. If you can buy right and manage properly, your investment can pay you back now and in the future. The property could be on a year-round program or rented out only during the prime season. Did I just say mortgage paid?
4. For a family member, friend or relative.
It is not uncommon for individuals to purchase second homes for a family member or aging relative. For example, a parent could purchase a home in the town where their child or children attend college. The student would most likely have roommates (mortgage $$$) and after graduation, the property could be turned into a full-time rental.
5. To diversify investments.
Some vacation home buyers may have some money saved and be looking to diversify. The location is very important when buying for this reason because while at one time, real estate was considered a low-risk investment, the recent market crash has reminded us all that there is no such thing as a sure thing!
I am a certified RSPS (Resort and Second Home Property Specialist) who is well versed in determining your real estate needs. If you are looking to purchase a home in Orange County or would like a more detailed explanation, please contact Jessica Barlow at 949-554-4751