11.02.2017

Buying a Vacation Home: Yay or Nay?

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Who doesn’t love a vacation? They’re a chance to get away from the day to day grind and relax in beautiful surroundings. Wouldn’t it be nice then, to be able to get away a lot more? Wouldn’t having your own vacation home be wonderful? Well...maybe!

There is no doubt that vacation homes are very popular and they are certainly coveted by many people who would love to spend more time in Florida, Hawaii or their favorite overseas destination. However, buying a vacation home isn’t something you should do on a whim, and it isn’t always the right thing for you and your family to do.

If you’re considering buying a vacation home, here are some arguments for and against doing so, that you might want to think about before you go ahead...

FOR

You Can Vacation More Often

When you have your own vacation home, you don’t have to worry about booking a hotel; you can just pack up and head off whenever you like.

You Can Avoid Tourists

Buying a vacation home is a great idea for those of you who love getting away, but hate staying in hotels and inns where you’re forced to mingle with other tourists, many of whom don’t exactly behave in a way that you enjoy, and who at their worst, can completely ruin your trip.

You Can Make Money

If you own your own vacation home, then when you aren’t busy enjoying it yourself, you can rent it out for a profit, and depending on where your vacation home is, you could make quite a lot of extra money.

You Can Benefit from Tax Deductions

If you opt not to rent out your vacation home, and you don’t go there for more than 14 days out of the year, then your property taxes and mortgage interest payments will be fully tax deductible, which means that you could use it as a solid investment; a nest egg for your future.

It’s Affordable

If you choose to purchase a vacation home abroad, as you can see at http://rumahdijual.com/cibubur/apartemen-cibubur-village, you could pick up a real bargain. If you buy a vacation home now and you use it regularly, you could save a whole lot of money when compared with staying in hotels, villas and complexes when you travel.

You’ll Make Great Friends

When you keep going back to the same vacation spot, it’s inevitable that you’ll make friends and acquaintances in the neighborhood, which can be really nice. Whenever you travel, it'll feel like a home away from home.

You Can Retire There

If you long to retire somewhere sunny where you can spend your days by the beach or enjoying the mountain views, then investing a vacation home now will give you a head start on that, and you’ll have a ready-made property to move into when the time comes to slow down a bit.

It’s Convenient

Having your own vacation home is convenient from the point of view that you can leave a lot of your stuff there for when you need it. So, for example, if you’re a keen skiing family, you can leave your skis, goggles and other bulky equipment at the vacation place, so you don’t have to worry about packing and transporting it when the slopes call your name.

AGAINST
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It’s an Extra Cost

If you’re already paying off a mortgage on your main property, taking out another loan, from the likes of https://www.bayequityhomeloans.com/seattle-19th, to cover the cost of a vacation home could unnecessarily burden you. Of course, this depends on whether you’ll be renting the place out in your absence, how much cash you have to spare, where you buy and whether paying for another house would be cheaper than the amount you spend on vacations anyway, but it is something to seriously think about before going ahead.

You’ll Have to Furnish It

Not only will you need to take out a mortgage on a vacation house, but you’ll also need to spend some time furnishing it too, and this will take time and money.

More Maintenance

If you’re already a homeowner, you’ll know that your property requires a lot of maintenance to ensure that the roof doesn’t start leaking, damp doesn’t take hold, or your furnishings don’t get ruined. If you’re thinking of buying a vacation home, bear in mind that all the maintenance you do on your house now, will be doubled or you'll have to pay someone to do it for you, if you buy a vacation home.

Tenants Can be a Pain

If you plan to buy a vacation home and rent it out when you’re not using it, then you need to be aware that tenants can be a pain in the butt.As long as the property is in good condition, most will be happy, but you’ll always have the whiners who could find fault with Buckingham Palace given a chance. Do you really want to deal with them?

You May Feel Obligated

If you’re paying a lot of money for a vacation home, you may feel obligated to always vacation there and to pack up your things and pay your place a visit as often as you can. You might be thinking that, if you buy in a place you love, then what’s the big deal? But for many people, visiting the same place month after month, year after year can get boring. It’s something to think about!

Theft

When a home is left vacant a lot of the time, it can quite easily become a target for theft and other crimes, which is why if you aren’t going to rent your property out, you’ll need to think about installing the best security systems you can afford and you’ll probably need to pay a fair amount of insurance too.

As you can see, there are lots of reasons for and against buying a vacation home. It would certainly be in your best interest to weigh them up, discuss them with your family and take your time before you go ahead and buy. Having a vacation home might be wonderful, but then again it might not! You need to decide very carefully.

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