Going on vacation is always fun, but finding the right accommodation can be immensely stressful, especially if you have children to consider. In this article, we are going to consider the pros and cons of investing in a vacation home.
Traditional Vacation Accommodation
Many families elect to stay in hotels. Hotels are great if your kids are older, but for families with younger children, they don’t always work so well. Sharing a family room with two or three toddlers often means very little sleep for everyone. You are also stuck with set mealtimes and neighboring guests may be noisy late at night. The alternative is to rent a vacation home for a week. This offers more flexibility, but it can be expensive and you don’t always know what you are getting until you arrive on the day, as photos are not always an accurate representation of the facts.
Take a Vacation Anytime
Investing in a vacation home gives you stability and set routines. Instead of fighting with other holidaymakers for premium accommodation during peak vacation periods, you have the freedom of traveling to your favorite spot whenever you feel like it. For example, say you decide to invest in a beach home on Cape Cod. During the summer months, it would be impossible to find a vacation rental at an affordable price, but if you own a property, you can spend every weekend at the beach at a moment’s notice.
Vacation property is rarely a poor investment and, in most cases, a property will appreciate significantly over time. For example, if are looking for a Bangkok apartment, you can expect a good return on investment. The same applies if you invest in a luxury condo in Miami or Sydney, Australia. For the best overall return on your investment, look for condos for sale in resorts or cities where the property market is appreciating. This ensures you will make a decent profit if you decide to sell in a years’ time.
As well as the long-term investment potential offered by vacation property investment, you can also earn an income from your vacation home when it is not in use. Properties in popular tourist spots are always in high demand. Although you may wish to keep your property free for family and friends to use at short notice, you could rent it out and earn a decent income for a few months of the year. Any income earned can offset the cost of maintaining the property.
The Downside of Owning a Vacation Home
Owning a second home is not all a bed of roses. Properties need regular maintenance, from watering the lawn to a weekly cleaning schedule. For most families, employing a caretaker is the only way to maintain a property located a long way from the principle family home. You could shut the place up when it’s not in use, but do you really want to arrive at Spring Break to find the roof blew off during a winter hurricane?
Vacation homes are a great investment if you have some spare cash, but bear in mind the extra expense of running a second home.