When a vacation home is right for you
I believe that one of the best investments you can make is in real estate, but I found over the years that with a vacation home you invest in something much more valuable...your family. The memories and connections made in a vacation home over the years will last a lifetime. Here are three reasons that taking the plunge and buying a vacation home for your family, might be one of the best things you have ever done.
Many families I chat with say that they find themselves coming back to the same spot every year. By being accustomed to your surroundings, you relieve the stress of having to find accommodations in an area you are unfamiliar with. You also know exactly where to find all the best restaurants, shops, bars and how to get to the market without breaking out the GPS. I don’t know about you, but it usually takes me a few days to get comfortable with the area, which means I don’t start relaxing until day three. With your own vacation home, you unlock the door, drop your bags and let the vacation begin instantly. Also think about all the money you can save by skipping the pricey restaurants in town and cooking your family meals right in a fully equipped kitchen.
The growing family
I don’t have kids of my own, but I can only imagine rounding all the children up, driving to the airport, going though security, getting on a plane and praying your child isn’t “that kid” who cries the whole plane ride can all be beyond stressful. Many of my vacation home buyers, purchase their property within driving distance just for that reason. Heck, I had a couple buy a vacation home two hours away from their primary home for that very reason. So if you live close to a lake or a quick drive to the ocean and have a large family, a vacation home would be perfect. You will save on airfare as well as your sanity.
Seeing beyond the dust
The best way to make your money work for you, is buying a property that needs some work and fixing it up yourself. So you can’t be afraid to roll up your sleeves and tackle some projects. There are a few benefits to this beyond just saving money. You can tailor the rental for the market first and foremost. With a vacation home you aren’t necessarily renovating your vacation home for your family, but for many families that will rent from you. This enables you to scout the nearby market, see what rents and then tailor your rental to fit those needs. You can also hand pick the materials going into your rental so that it withstands the rental traffic. Tile floors, stone counters and durable cabinets are just a few materials that will ensure your rental lasts through the peak rental season year after year.