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Home » Vacation Properties

Affording a Vacation Home

Submitted by Kim on Monday, 18 February 2008No Comment

The last time you went to the beach or to the ski resort you probably thought of what it would be like to come to this place and have everything all set up, like in your own home. However, having another place is a costly venture and even all the savings from not staying in hotel rooms would not begin to counter the costs. Because even if renting out the vacation home would pay for the upkeep and mortgage renting it out may cut into your own vacation time – which is the reason you bought it in the first place.

In essence, people have vacation homes for four (4) main reasons:

1) They want accommodation at their favorite vacation spot.

2) They want an income earning property.

3) They want a retirement home at their favorite vacation spot.

4) All of the above.

Many vacation properties were seasonal because of the weather or other tourism trends. For example, a home on the beach that is a dream in July may have no furnace and 4 feet of snow in the driveway in December. However, the trend is changing toward all-season locations.

The Four-Season Vacation Home

One of the great movements in vacation homes in the past 20 years has been the “off-season product.” Because of flexible working schedules, SUV’s and new off-season recreational activities many people are not waiting for the balmy weather or the clacking sound of the ski lift to get away from it all. As well, the laptop computer and wireless or satellite link-up has made the off-season vacation home a great solitary working environment.

For these reasons vacation homes can now live up to all the expectations of a buyer and include an income as well. Here are some points to research if you are thinking about a vacation home:

1) Location: Will anyone other than you want to come here in the off-season?

2) What can you afford? This is the kicker. Also include the utilities and taxes.

3) Other places: Are there other vacation homes around?

4) Off-season: If there are others see if they have them rented out in the off-season.

5) Price: How much are they getting for on and off-season?

6) Maintenance: They must have people looking after them. How much are the maintenance fees?

If you do your research you may have your cake and eat it too. Because I know at least two people who rent out their “summer vacation home” for 40 weeks out of the year at between $600 and $1200 a week.