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Your Ultimate Summer Upgrade: Owning a Vacation Home

Andrea Ballesteros June 20, 2024

Summer's finally here, and it's the perfect time to plan your sun-soaked getaways. If you're dreaming of sandy beaches, scenic mountains, or tranquil lakes, owning a vacation home might be the ultimate summer upgrade you need. Let's dive into why this could be the best decision for your summer—and beyond.

Why People Buy Vacation Homes

A recent Ameriprise Financial survey revealed several compelling reasons why people invest in a second home:

  1. Escape from Everyday Stress (81%): A vacation home offers a personal sanctuary where you can unwind and recharge. No more worrying about finding a place to stay; your own retreat awaits you anytime.

  2. Better Weather (49%): Imagine escaping the gloom of rainy days or harsh winters. A vacation home in a sunnier, warmer locale can provide that much-needed dose of sunshine and warmth.

  3. Rental Income (41%): When you're not enjoying your vacation home, why not let it work for you? Renting it out can generate extra income, making your investment even more rewarding.

  4. Future Primary Residence (33%): Plan for the future by eventually moving into your vacation home full-time during retirement. Enjoy vacations now and secure a ready-made retreat for your golden years.

  5. Gatherings with Family and Friends (25%): Your vacation home can become the go-to spot for family gatherings, parties, and creating lifelong memories with loved ones.

Making the Dream Achievable

You don't need to be rolling in dough to own a vacation home. Bankrate suggests two practical ways to make this dream more accessible:

  • Buy with Loved Ones or Friends: Share the purchase cost with family or friends. This makes it more affordable and means you can split the time spent there, maximizing its use.

  • Put a Savings Plan in Place: Start a dedicated savings plan. Contributing monthly can slowly but surely build up the funds you need to make your vacation home a reality.

Finding Your Dream Spot

Ready to turn that dream into reality? Summer is prime time for buying a vacation home, so it's wise to start your search early. Your first step should be teaming up with a real estate agent who knows the area inside and out. They can guide you through the process, from finding the right property to understanding the local market.

According to Bankrate, “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.”

Bottom Line

If the thought of owning your own vacation home excites you, let's chat. We can help you find the perfect spot where you can create countless summer memories and perhaps even plan for a future full-time retreat. Summer's here, and your ultimate upgrade awaits!

Work With Us

We will work tirelessly to ensure you have the best experience whether you are selling your home, looking to purchase an investment property or searching for your forever house. We are here for you and don’t just walk away after closing. We pride ourselves on our long term relationships with our clients and will guide you through all the necessities you need before, during and after your selling or buying experience.