With summer in full swing, now's the ideal moment to think about where you'd like to relax and enjoy some time off this season. If you're eager to escape and have a blast under the sun, it could be worth exploring whether owning a vacation home is the right choice for you.

According to a survey by Ameriprise Financial, insights into the reasons behind purchasing a second home or vacation property are revealed below:

  • Vacation destination or a place to get away from the stresses of everyday life (81%) – Having a second home for vacations can create a unique space for relaxation and escape from everyday pressures. It also eliminates the need to search for accommodations each time you visit.

  • Better weather (49%) – Absolutely, purchasing a property in a region with more favorable weather can provide a wonderful retreat, especially if your current location tends to be cold or rainy. This allows you to savor sunny days and pleasant temperatures, offering a contrast to the less pleasant weather in your primary residence.

  • Rental income (41%) – You can generate additional income by renting it out to others when you're not utilizing it.

  • Primary residence in the future (33%) – You have the option to transition to living in the home permanently upon retirement. This allows you to take vacations there presently and have a retreat prepared for the future.

  • Having a venue for gatherings with family and friends (25%) – Imagine a unique location where you can host gatherings, enjoy family outings, and make lasting memories.

Ways To Buy Your Vacation Home

You don't need to be rich to purchase a vacation home. According to Bankrate, here are two tips to help make this dream more accessible to anyone interested:

  • Buy with loved ones: If you're open to sharing the vacation home, you can contribute to the purchase price collectively and combine your resources to make it more cost-effective.

  • Put a savings plan in place: If you're both fine with sharing the vacation home, you can join forces to split the purchase cost, which can help make it more affordable for both of you.

Finding Your Dream Spot with a Little Help from an Agent

Considering the allure of lounging in the sun at your own vacation home, beginning your search now would be wise. The summer season sees heightened competition as many seek their dream getaways, making an early start advantageous.

Working with a real estate agent should be your initial step. They possess comprehensive knowledge about the specific area you're interested in and can recommend suitable homes for you to consider. Additionally, they can provide valuable insights on owning a second home and its advantages. The article on Bankrate further suggests:

“Buying real estate in a new area — or even one you’ve vacationed in for many years — requires expert guidance. That makes it a good idea to work with an experienced local lender who specializes in loans for vacation homes and a local real estate professional. Local lenders and Realtors will understand the required rules and specifics for the area you are buying, and a local Realtor will know what properties are available.”
— Bankrate

Bottom Line

If owning your own vacation home interests you, please feel free to reach out.