
It’s vacation season, and you finally get a chance to get away from it all. While hotels make for convenient dwellings to rest your head after a long day of exploring, and Airbnbs give you a cozy, homey feel on your travels, you may be contemplating whether you should rent or buy a vacation home in the near future. Consider these four things to help you make the best decision.
Investment Opportunity
Buying a vacation home is no different than buying property you plan to live in for the majority of the year. Buying allows you to invest in something that can appreciate over time, instead of renting something that puts your money into someone else's hands. Upfront, buying a home will cost significantly more than renting, but over time it could prove a most cost-effective option if you frequent a specific vacation location every year.
Rental Options
To help with some of your expenses when you buy a vacation property, you could rent the space out when you’re not using it. For example, purchasing a home in Virginia Beachduring peak summer season could bring in significant rental income that can help cover the home's upkeep until you're ready to use it.
Time and Convenience
Owning your vacation home can save you the headache that planning a vacation can bring. You won't have to worry about tasks like booking hotels or finding amenities that pleas everyone in your family. While you will have to take the time to regularly care for maintain the home, like you do your primary property, it’s nice to not have to pack your entire life into a suitcase just so you can have all your essentials with you. Many items can be purchased for the vacation home and left there for when you return, which means fewer suitcases for you to fill.
Location
When buying a vacation home, you are committing to one location every year. If your intention is to be a world traveler, buying may not make sense for you. You could still use the place as a rental option, but if you're not open to taking on that responsibility, buying may be more of a hassle. Be sure to pick a place you won’t get bored with anytime soon.
Think you’re ready to buy a vacation property here in Hampton Roads? Connect with one of more than 9,000 agents to help you navigate the market. Not sure what you can afford? Check out the mortgage calculator to help estimate possible monthly payments. Download the REIN.com app and put the power of fresh and accurate listing data in the palm of your hand. The app is available free in the App Store and Google Play Store. For local listings you can trust, start with REIN.com.
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