Should You Buy A Vacation Home Or Rent?
Like so many things in life, what’s right for one person is wrong for another. When it comes to buying a vacation home or renting there are several things to consider. For the sake of this article we won’t discuss purchases of condos or timeshares but stand alone homes that will require some upkeep, love, and maintenance.
PRO: You Get To Design And Equip The Home To Your Own Personal Aesthetic.
Do you like to cook? Is a hot tub your happy place? Your vacation house is your castle, even if it’s just a little place in the mountains, a cottage on the lake or a getaway at the beach.The nice thing about having your stuff at your place is you can have all the creature comforts that make your getaway everything you want it to be.
CON: If There’s A Problem. It’s Your Problem.
The maintenance on a vacation property is nothing like maintaining your primary residence. Some people enjoy that and it’s part of the vacation home experience, but if you don’t like splitting and stacking firewood, covering the deck furniture, and fighting off insects and rodents, be sure you hire a reliable person to take care of those things for you. On that note many vacation properties are located in more remote communities. Finding quality contractors can be difficult. Real world example, a friend with a mountain home has a non-emergency plumbing issue. Because it’s not a big ticket item, she’s been waiting to get service for three months. It pays to be handy.
PRO: You Can Getaway Easily And Enjoy Easy Last-Minute Vacations.
Knowing that you can travel light and getaway on a moment's notice removes all the headache of vacation planning. Every step from travel time and cost, to what you need to pack becomes an easier part of the routine with each trip. Even short weekends offer a relaxing and refreshing step away from the world at home.
CON: A Vacation Home Can Shang-Hai You From The Real World And Demand Your Immediate Attention And Finances.
Things can and do go wrong, especially in a home that isn’t occupied. Power can fail, sprinkler systems can stay on, or you realize the wind has opened a door that you failed to lock securely on your last departure. A friend recently purchased a beautiful brand new home on a golf course. In the first six months of ownership he admitted that he had made the two hour drive more times out of something painful than something pleasant.
According to a 2022 survey from HomeAdvisor, a home-repair referral site, the average spending on home services, including improvement, maintenance and emergency costs was $13,138 i. That budget could cover you for a week or so in Hawaii.
PRO: A Vacation Home Can Create Incredible Rituals And Traditions With Family And Friends.
You can fulfill your lifetime dream of the perfect getaway, feel an awesome sense of accomplishment. And enjoy it every chance you get. If it makes you happy, iot may be something you can pass down to the next generation.
CON: Some Vacation Home Buyers Begin To Regret Their Decision Because They Stop Going To New Places And Having New Experiences.
Knowing that you have invested your time, energy and money into a vacation home can sometimes make it hard to rationalize going somewhere else. Also be sure all parties involved are enthused about the vacation home experience. If one spouse is enthused about a house at the beach, and the other dislikes sand and sunburns easily it’s not going to work. If children are involved, is there something they can learn to enjoy and be enthusiastic about, is their space for them to invite a friend. It’s true that often kids don’t want to do anything. And that they may need to be pushed into new experiences, but a sure recipe for stress, frustration and arguments is picking a destination that the kids hate going to.
PRO: A Vacation Home Offers A Whole New World Of Unplugged Adventure And Activities For The Whole Family.
A vacation home is often a place where the kids can roam more freely, be out of the house all day and enjoy simple pleasures From sand castles and body surfing to hiking and fishing to mountain biking and snowshoeing. A vacation home is a motivating place to get outside, be active, enjoy your favorite activities, and explore new ones.