It seems like a great idea, buy a vacation home that you can later turn into your primary home once you retire and sell your previous home. However, there are some factors to keep in mind before you make a decision like that.
First, if you have the capital to spend on a vacation home then that’s something to celebrate. Now, what are your long term goals? Owning a vacation home is a great conversation starter but if you don’t utilize it then what’s the point. Let’s go through some awesome benefits of owning a vacation home.
It’s an awesome place to create memories. Here you can have a place to gather the family and have an amazing time together. No matter what age the family can come together and create awesome moments. Just make sure it’s a vacation home that the family enjoys. If they hate cold weather avoid the mountains maybe.
It’s great for your mind and body. Being able to have a location where you can rest and relax is essential for your long term health. Getting away from the stress that work and life brings can and will add to your life span.
It’s also awesome that you don’t have to pay rent. Now you have the freedom to go there whenever you like. With or without the family it is yours to do with as you please.
Can rent it out. Before you make your vacation home your actual home you have the option to rent it out. This is a great way to earn some money or at least pay the mortgage on your home.
A negative outcome can happen. They won’t always happen but it’s important to know so that when you take the risk you are aware of what you’re risking.
The town. Be sure you have confidence in where you invest. The town you buy in might show signs of running down and after waiting ten years to move into your new home it’s become a ghost town. Do some research on this so that you can avoid it.
Moving away from where you’ve been. This might be a positive for you but maybe your family still lives in the town you’re in now or all your friends are there. They won’t be gone if you leave but it’s important to think about how important it is to you to be close by.
You’re now committed to a new location. The home might have been amazing when it was just for a vacation but now it’s your home. It’s not a special occasion anymore it’s now become your everyday. Before moving in start staying there for extended periods of time longer than you were before to test out how well you mesh with actually living there.
Will Your Vacation Home Work As A Retirement Home?
Yes, it’s a great option for the future. It’s a great alternative to moving into a new home and just choosing the one you already own. It’s also a great option for the family to have and they’ll love to come to visit you since it’s their vacation home too. Just make sure you know what you’re investing in and that you can handle the budget, location, and all the seasons.