Vacations are good for your health, a fact many Americans are starting to realize. One thing that will encourage you to take time off is to own a vacation home. It is a dream for many workers, and if you do it right it is a dream that can come true for you.
First you must flesh out the details of your dream. What type of vacations do you prefer? Some yearn for the solitude of a desert retreat, others want a sleek condominium at the heart of a bustling city. Over half of Americans say they prefer beach vacations, perhaps because they include a balance of activity and leisure. Island homes like bald head island rentals offer 14 miles of beaches plus nature walks, fishing charters, golf and shopping; and renting before you buy will ensure you really love the area.
Once you know what you want, figure out what it will cost. While it is impossible to foresee every possibility, it is essential to be realistic. Don’t count on finding a hidden gem at the bottom of the region’s price range; prepare to spend closer to the median. Ownership costs include much more than just purchase price, interest and taxes. Remember you will need to set aside funds for such things as improvements, maintenance and repairs.
Now you know what you want and what it will cost, but how will you pay for it? Obviously cash is the best option if you have the funds. Financing a second home is often more difficult than financing a primary residence but it is a good option for many buyers; then think outside the box regarding how to make the mortgage payment. Some savvy buyers fund their vacation home by listing it on a vacation rental website; renting it out for a few months during the high season may cover the entire year’s expenses and allow you to enjoy the place during shoulder and off-season months.