Across the nations, families and teachers alike are planning things to do this summer. In fact, even before the months of May and June, the end of the school calendar, arrives, most families have plans in place for one or two week vacations and long weekend adventures. From resort communities that are all inclusive to city adventures that have families staying in a different location every night, now is the time to make sure that you have plans in place for things to do once the school year ends and both teachers and families have more available time.
For most families, summer is the traditional time to take a vacation. For some people, however, the chance to get away on a more regular basis is possible because they purchase a second home in a popular vacation spot. And while vacation home purchases can seem expensive, they provide a luxury that allows many families to get away more often and enjoy more time together. Selecting a vacation home location is a combination of researching what things to do are available in the area, knowing what prices are available, and understanding the resale market.
Location. One of the major factors in selecting a vacation home is the location. If, for instance, your family loves to snow board and snow ski, you would want to look at purchasing a property that is close to the slopes and allows easy access even during the times of the year when it snows the most. If, on the other hand, your family is into warm weather activities and being on the beach, you would want to find a location that has easy access to the ocean. Understanding the things to do in a specific location can help you make sure that you are able to use your second home the way that you want.
Pricing. Once you have made the decision to purchase a second home for vacation purposes, it is important that you take the time to understand your current budget. From knowing the amount of down payment you can make to understanding the monthly payments that are possible, it is important to consider your finances. Giving yourself a manageable price range can help you limit your search and help you make sure that you are not getting in over your head. After all, who wants to get a second job in order to pay for the second home that is supposed to serve as your vacation spot? Working extra hours instead of enjoying the luxury of your new place is not the goal!
Resale Market. Even more important than understanding the value of your primary home, it is essential to make sure that you research the resale value of any vacation home that you are considering. Tourists trends can vary and a location that was the hot spot a decade ago may no longer be popular. By paying attention to tourist trends and understanding how much, if any, the location you are considering remains a high selling area can help you make the most of your investment.
Did you know that the latest research indicates that as many as 80% of trips are taken for leisure purposes? If you are one of the families who likes to travel as soon as the kids are out of school, you might consider purchasing a second home in a place that will allow your family to travel and relax at the same time. In a time when Americans find themselves working longer and longer hours, it should come as no surprise that a survey from Allianz Travel Insurance Vacation Confidence Index reported that American vacation spending increased by 12.5% in the year 2017.
In fact, more and more Americans are looking for ways to make the most of the limited amount of time that they do have off work. As a result, direct spending on leisure travel by domestic and international travelers totaled $683.1 billion in the year 2016. And while 18% of vacation home buyers plan to own their home for future retirement, the median length of time these buyers expected to own their property is nine years. Are you ready to invest?