Escape on weekends. Plan fun holiday getaways. Enjoy a spontaneous vacation—anytime. These are but a few of the many benefits of owning a vacation home. From relaxing in your happy place to earning extra income, we’re sharing seven benefits of owning a vacation home for you to consider!
Lifelong memories.
Simply put, owning your own vacation home lays the foundation for countless, priceless memories. Quick trips, well-planned vacations and special holiday gatherings are but a few examples of memorable experiences made possible with a vacation home.
Easy getaways.
The lake. The beach. The mountains. The big city. The quiet countryside. No matter where you decide to buy your vacation home, one thing is certain: from then on, you will have a place to go when the mood strikes.
Better yet, it’s always available when you want it! What’s more, you can also determine the length of your stay and who you would like to invite.
Family gatherings.
Birthdays, reunions, anniversaries, holidays and “just because” can all be reasons to plan fun family gatherings at your vacation home. What’s more, you can think of your vacation home as a family heirloom to be passed down from generation to generation.
Rental income.
Another one of the benefits of owning a vacation home could result in additional income. When you’re not using it, you can always rent your vacation home. Income earned from renting can help pay for maintenance and other homeowner expenses.
Sometimes you may be able to deduct the expenses of renting out your vacation home as well. It’s a good idea to check with a professional to find out more.
Potential tax cuts.
Speaking of consulting a tax professional, be sure to ask about other possible tax breaks for homeowners. For instance, if you truly use your vacation home like a second home instead of a rental property, the property taxes and your mortgage interest might be tax deductible.
Grow your home equity.
In general, vacation homes have a good chance of retaining or appreciating in value since they tend to be in desirable locations.
Nearby Lake Martin, for example, is a good example of investing in a property in a popular setting. Before you dive in, however, check out these questions to consider before buying a lake house.
Preparing for retirement.
Are you planning on selling your primary residence and settling into your vacation home permanently upon retirement? If so, you could end up saving money! You’ll be reducing your mortgage debt before the home becomes your main residence.
When you retire and sell your home, the profits can then be applied to the current mortgage on your vacation home.
Summary
In the end, one of the biggest benefits of owning a vacation home is convenience. Whether you are interested in purchasing a lake house on Lake Martin or a game day condo with retirement potential in Auburn, Ryan Roberts is ready to help you explore your options. For more real estate tips, continue to read our blogs.