Have you ever wished you could take off and go on vacation whenever the desire struck? Purchasing a vacation home gives you this freedom, and it can have excellent economic advantages as well. If you’ve been wondering about whether or not vacation homeownership is right for you, make sure you fully understand the potential perks.
Give Yourself the Freedom of Vacation on Demand
When you own a vacation home, you can take a vacation whenever you want. You don’t have to wait for a cabin to come available or a hotel to have an opening. If you have a weekend free, simply pack up some clothes and head out.
Enjoy Investment Income
The rise in popularity of sites like Airbnb means you can turn your vacation home into an investment property. When you’re not enjoying the property for yourself, rent it to other travelers to enjoy. You can use your vacation home as a second stream of income that provides for your needs.
Turning your vacation home into a rental does require a little bit of work, but once the parts are in place, it’s an easy opportunity. First, you will need to find someone at the location who can handle cleaning and maintenance. In popular vacation areas, many companies offer this service. They will come in and clean up after one tenant to prepare for the next, while also being on-call for maintenance problems as well.
Next, choose a platform to book your rentals. Find one that gets plenty of traffic and has protections in place for homeowners, such as renter screening and rating programs.
Then, make sure you have the right insurance in place. Vacation rentals require special insurance policies to protect against normal risks as well as the risks of renting a home to strangers.
Finally, make sure you leave yourself some time to enjoy the property. Don’t rent it out year-round, then find yourself in a situation where you can’t enjoy your investment for yourself.
Consider Your Future Retirement
In addition to creating an income stream, a vacation property can quickly turn in to a retirement option. When you are ready to enjoy retirement, you can relocate to the area where you’ve enjoyed holidays for years. You’ll already have your home near the beach or the mountains waiting for you. You can even swap the homes, turning your vacation home into your residence and your home near the city into your rental.
To buy and enjoy a vacation home, you will need the right mortgage. Sometimes, vacation home mortgages have more stringent requirements than mortgages for a primary residence. For help finding a mortgage that’s a good fit, reach out to Drew Gilmartin at First Home Mortgage, your local Maryland mortgage professional.