Pros & Cons of Owning a Vacation Home:
Vacation homes are secondary homes that some own to get distance from their primary residence and to get some needed time away. When you think of vacation homes, you think of tranquility, peace, a place to de-stress from your day to day lives. A vacation home can be a great place to spend time with family and friends to make memories which can come with many benefits to owning!
A vacation home allows a convenient get away whenever you want. You no longer have to stress about booking a hotel or worrying about availability and cost. You have the ability to be flexible when you want to go and not worry that you have to go for a set period of time. It’s extremely convenient that you won’t have to pack a lot. You’ll have the option to keep clothes, toiletries, food and whatever you choose to make getaways effortless. Vacation homes allow you to have a change of scenery when you choose to take a break from the same daily routine. It will cheer you up and make you feel relaxed and happy.
Vacation homes can also be a source of income as you can rent it while you are not using it. This will offset the mortgage or the cost to run the house. Short term rentals in a prime area can get you a good secondary income from the property as many travel for spring break or even vacation in nearby areas.
Your vacation property may increase in value regardless of whether you intend to utilize it for personal use or to generate passive income. A secondary property has the same potential to boost equity and appreciate in value as a primary residence. Purchasing a vacation property might therefore be seen as an investment in real estate. Value appreciation varies depending on where you purchase, of course, as property markets vary. As well as owning a vacation home can come with specific tax benefits that you should consult a professional on to see what your options are to get added benefits from owning a secondary residence.
Some cons that can be a potential turn-away from owning a vacation home consist of the upkeep of a secondary home while not living nearby can come with a hassle to travel back and forth for maintenance or clean up. Another con can be some months that can be lackluster on the rental front due to the popularity and attraction of the area or even simply due to the weather. As well as short term rentals are coming with a lot more rules and laws to follow. However, if owning a vacation home is what you want then all of these cons have simple solutions.
In conclusion, a vacation home can provide you with a secondary income with short term rentals, tax benefits, property appreciation and a home away from home! There are plenty of benefits to owning a vacation home! To learn more about what steps to take when purchasing a secondary residence, read our blog: A Guide to Buying a Second Home!
Looking to buy or sell your home on Staten Island? For all your real estate needs, look no further than Tom Crimmins Realty! Give us a call at (718) 370-3200, and we can provide you with professionally-trained agents who are flexible to all that you’re looking for!
Posted by Tom Crimmins Realty on
Leave A Comment