Vacation. It is relief, escape, rejuvenation, a way to shut out the daily problems, let the race go to the rats for a while, and find inner peace. Vacation isn’t always about a geographical location; frequently, it’s about an emotional location. If it is geographical, that place holds an emotional meaning or the possibility of something more than the regular day offers.
One of the troubles with a vacation is the where. Where do we go, what will we find, and how much will it cost? A vacation home answers a lot of those questions and offers some fantastic opportunities.
Here are some benefits of owning a vacation home that maybe you haven’t thought of yet.
Vacation and tax deductions, how could that be a bad thing? If you buy a vacation home and use it as a true second home, not a rental property, then the mortgage interests and the property taxes can be tax-deductible. But in order to qualify for the tax breaks, the home cannot be rented out for more than two weeks out of the year.
If you’ve bought the vacation home with an eye to making a little extra money, then good for you. If your vacation home is in a widely desirable location, renting it out when you’re not using it is a great way to make some extra income. Also, the expenses of renting out your vacation home may be tax-deductible as well.
Where your rental home is located can help determine the convenience factor. If your home is on the beach, you can use it to store boats, fishing equipment, swimming paraphernalia, and the like. Near the mountains, perfect storage for skis, snowshoes, boots, binders, sleds, etc. No matter where your vacation home is, you can use it for storage, saving you a ton of time packing and hauling what you need for a vacation.
The housing market is all over the map right now, Prices are rising, and availability is scarce. Even in turmoil, vacation homes still have a good chance of retaining their value and appreciation. This depends, of course, on the location of your vacation home. If you purchase one in a popular vacation destination place, your chances for long-term profits increase.
Familiarity & Comfort
During a vacation, there is a certain amount of time to get used to the surroundings and make them your own. So, vacation days get wasted on settling in and finding the comfort of the place. With a vacation home, you’re already familiar and comfortable there. There’s no settling in period; there’s no discomfort. You know the place, and you’ve made it your own already. You can be yourself in your vacation home from the moment you step in the door. This allows you to make friends and get to know your neighbors more easily.
You Have a Place to Gather
Family gatherings, holidays, birthdays, and group vacations are all fun and full of memories waiting to be made. Finding a place to gather is not easy. With a vacation home, you have a place for family and friends to gather whenever you want to. Your vacation home can become the place for reunions, weddings, or just vacations together. And a vacation home can be passed down through the generations, so the memories never stop.
Someplace to retire
A second home or a vacation home is the perfect path toward retirement. When retirement arrives, the first home can be sold, and the money can go to paying the mortgage or upgrading the vacation home. A vacation home makes the transition into retirement much easier.
There is no deciding where to go, who you’ll be able to take, or even how long the vacation stay will be. When you one a vacation home, you decide who comes and how long they stay. And, if a last-minute getaway is suddenly needed, there’s no need for scrambling to find a place, your vacation home is available to you all the time, whenever you need it. This is actually one of the top reasons people purchase a vacation home.
Where to Buy
Location, location, location, that’s the real estate broker’s mantra, and it’s true for a vacation home. If you’re looking to make money on your vacation home, you want to be sure you buy one in a desirable location. Where would that be? Here are a few places where buying a vacation home will most profitable.
Kissimmee is part of the Orlando metro area and is about 30 minutes by car to Disney World. It’s also close to all major attractions and a short trip to either coast for beautiful beaches.
Florida has great weather year-round, perfect for retirees. Kissimmee is a great place to meet people and forge friendships, and as a vacation home, it will be easy to rent out during the year.
Whittier, North Carolina
Found nestled between the Great Smoky Mountains and the Nantahala National Forest, this little town is close to major attractions in the area. Such attractions include the Eastern Cherokee Nation with Harrah’s Casino, Dollywood in Pigeon Forge nearby, and Ashville, a hipster arts conclave. The area also boasts great hunting, fishing, rafting, and other outdoor activities. A great place to rent your vacation home out before you retire to it when you’re ready.
This little town is an hour away from Orlando International airport, making it far enough away from the theme parks and other attractions to feel free but still close enough to get to the attractions, enjoy them and return home on the same day. Davenport is home to True Blue Winery, Providence Gold Club, and the lake itself. The town has boomed almost 200% in the last decade. Still, it is a beautiful unspoiled gem.
Five hours north of New York, three and a half hours drive from Boston, Killington is the largest ski area in the east. It’s more than skiing that attracts people to this beautiful area of the country. Golf, mountain biking, ATV rides, concerts, shopping, and cuisine are other popular pursuits. Burlington, Vermont, has the closest major airport. An excellent place for a vacation home that can slowly transition into a permanent retirement escape.
This scenic corner of the state has been a popular destination since the Great Smoky Mountains National Park was established in the 1930s. Still, things really started taking off in 1986 when Dolly Parton bought an interest in a local theme park and rebranded it Dollywood. Although the region has blossomed with more and more attractions in the town and local Pigeon Forge, the main attraction is still the enigmatic and ghostly Great Smokey Mountains. A combination of natural and man-made attractions, with a growing population and interest, make this an excellent place for a vacation home that eventually you retire into.
Utah Has It All
We didn’t want to leave off Utah, The great salt Lake area, and the surrounding national parks on this list. This is a state with s much to offer in terms of activity and quiet loving. For skiers, it is the best snow on earth. Lovely views, kind people, and land to roam. A great place to set up a vacation home to rent or just share with family and friends.
Utah is also home to Revere Homes, a leader in new semi-custom homes. They are experienced and friendly. If you have questions about building or buying a vacation home in Utah, your first call should be to Revere Homes.
A vacation home has many positives, but be careful and take time to decide where to build or buy one. Make sure it’s in a place that people want to go to if you’re looking to make money on it as a rental. Check on the rules and regulations regarding tax breaks, and most of all, make sure your vacation home is somewhere you want to be now and in the future.