6 Reasons to Buy a Vacation Home Now
If you’re like a lot of Americans, you’ve probably considered buying a vacation home—especially now that so many of us are stuck at home. However, you might also be hesitant to take the next step and call a new home builder. Here are six reasons you should pick up the phone.
Easy, Affordable, and Safe Getaway
Now, more than ever, people are looking for a place to relax and have some fun. However, far away, outlandish vacations aren’t really an option for most. A vacation home, on the other hand, can be an easy, affordable, and safe getaway. You don’t have the hassle of packing, reserving a hotel, limiting the number of days you can stay, or searching for a good deal. In fact, nearly 42% of owners use their second homes strictly for vacations or family retreats.
Home Away from Home
Another benefit of a vacation home is that you will be a part of a second community. You will build relationships with locals, and so will your children. This can broaden everyone’s horizons and even provide you with a safe haven when you want to leave your everyday life behind for a while. Some new homes also come with elegant amenities, including swimming pools, walking trails, dog parks, yoga, wine tasting, or stargazing lounges.
Build Home Equity
If you decide to call a new home builder or buy a vacation home, especially in a desirable area, you can be sure that you will be building home equity. While nothing is certain in the housing market, buying a second home with access to amenities, highways, restaurants, shopping, and a lively town can almost guarantee that the value of your home will increase.
Get a Tax Break
Your home is probably your biggest tax break, and a second home can also get you a tax break. As long as your home is used for vacation purposes, property taxes and mortgage insurance could be tax deductible.
Generate Rental Income
Even if you don’t think you will make it to your vacation home often, don’t write off investing in a second property. Depending on where you buy, you might have the option of renting out a vacation home when you aren’t there, which can generate rental income. You may even be able to deduct the expenses you incur by renting it out. Just make sure to check with your homeowners association first because some will have rules about how often you can rent out a property.
Future Retirement Home
Many people buy a vacation home with the intention of moving there permanently after they retire. Moving into your second home can save you money because your mortgage debt will be less when you move. You can also use the money from the sale of your primary home to pay down your vacation home mortgage even more. You have the added bonus of getting to know the people, the area, and the home before you retire.
While there are many considerations to take into account before calling a new home builder, there are certainly numerous advantages to buying a vacation home. Many people are finding new ways to get away, spend time with family, and plan for the future. Finding a second home you can love is one way to do all of that.
