For most, owning a vacation home is a distant dream but for many it is a happy reality and not as difficult as most people think. However, a lot of work goes into owning a vacation home such as management if you plan to rent it out, strict maintenance in some places, and ground rent should it be located on a park, for example.
Apart from the advantage of having somewhere to vacation for free, there are other benefits of owning your own vacation home. Many are located in rural and scenic areas that are a joy for anyone who visits and an important factor when deciding what to buy, but some of the other benefits of your brown vacation home are:
- Home away from home
- Property trading
- Financial gain
Having a second home means that you always have somewhere to go whenever things get tough and you need to unwind a little while many other vacation homeowners are willing to temporarily trade spots, allowing you access to more of the world and you can make some good money renting out a vacation home.
Get Away from it All
At some point or other, almost everyone wishes they could just get up and leave, if only for a small respite when the pressures of life become too much. As a vacation homeowner, you have access to that privilege that most people in large cities would sell one of their kidneys for.
No matter your job or your family life you will need a break sometimes, and owning your own vacation home puts you into a very privileged position, and with many people working from home because of Covid, there’s no reason why you can’t do it from your vacation property, making the most out of a bad situation.
Travel Around for Free
A common practice between people who own their own holiday spots is to trade with each other. This is an exceptional idea that affords you the opportunity to see more of the country in which you live or even the world. This is especially good for those who don’t rent out their property for tax reasons but can still get an essentially free holiday somewhere else.
Even the coziest properties managed in places such as Brush Prairie, WA might get old after a while so you could swap for a beach house in Kissimmee, FL if only temporarily, which is an excellent method of essentially being able to stay in other destinations for free.
Short and Long Term Gain
One of the main reasons people purchase a vacation property is so that they can rent it out as a holiday spot for others. This has both short-term and long-term financial gain as you can make money from the holiday charges as well as the value appreciation of the property itself. Renting a vacation home to others comes with large responsibilities however as well as its own expenses.
Safety, rental agreements, and expensive management bills are part of running a vacation home and you should also be aware that tax deductions cannot be applied to any second homes that are rented out for more than 2 weeks out of the year.