Summer is officially here, making it the perfect time to plan where you want to vacation and unwind this season. If you're excited about getting away and having some fun in the sun, consider whether owning your own vacation home is right for you.
An Ameriprise Financial survey sheds light on why people buy a second or vacation home:
- Vacation destination or a place to get away from the stresses of everyday life (81%) – Having a second home as a vacation spot provides a special place to relax and break from daily routines and stressors. Plus, you won’t have to worry about finding accommodation when you visit.
- Better weather (49%) – Buying in a location with nicer weather can be a great escape, especially if it's cold or rainy where you usually live. Enjoy sunny days and warm temperatures even when it’s not so nice back home.
- Rental income (41%) – Renting out your vacation home when you're not using it can help you earn extra income.
- Primary residence in the future (33%) – You can eventually move into the home full-time during retirement, enjoying vacations there now and having a future getaway ready.
- Having a venue for gatherings with family and friends (25%) – A vacation home provides a special spot for parties, regular family trips, and creating fun memories.
Ways to Buy Your Vacation Home
You don’t have to be wealthy to buy a vacation home. Bankrate shares two tips to make this dream more achievable for anyone interested:
- Buy with loved ones or friends: Sharing the purchase price with family or friends can make owning a vacation home more affordable.
- Put a savings plan in place: Patience and persistence are key. Consider adding a vacation home savings plan to your budget and contributing to it monthly.
Finding Your Dream Spot with a Little Help from an Agent
If basking in the sun at your very own vacation home sounds appealing, it’s wise to start looking now. Summer is when everyone is trying to buy their slice of paradise, so it’s best to start early.
Your first move should be to team up with a local Miami real estate agent such as ourselves. We know the ins and outs of the area you want to be in and which homes you should consider. We can also provide all the necessary information about owning a second home and its benefits. Bankrate also notes:
“Buying real estate in a new area — or even one you’ve vacationed in for many years — requires expert guidance. That makes it a good idea to work with an experienced local lender who specializes in loans for vacation homes and a local real estate professional. Local lenders and Realtors will understand the required rules and specifics for the area you are buying, and a local Realtor will know what properties are available.”
Closing Thoughts
If the idea of owning your vacation home appeals to you, let’s chat. Connect with me, Anthony Spitaleri, your trusted Miami Realtor, and let’s explore the possibilities go living in Miami together!