Homeownership is a milestone that many of us will achieve in our lifetime. Often, the first home we purchase becomes our forever homes. For many others, however, it does not stop with their first home. Nor their second.
While they may maintain their permanent residences, some homeowners look into vacation homes. Vacation homes can either be for the bright summers or the dreary winters. Although, the former option is the more popular of the two.
Households that are capable of maintaining another home typically look into many areas. Once they’ve found their perfect destination, they can then look into house or land for sale listings in Geelong, Victoria. It’s more common to buy an already built properties.
But some homeowners want to create everything from scratch to build a vacation home that they’ve always dreamt of. If you find yourself hesitant to join the group of homeowners with vacation homes, here are a few benefits that may hopefully convince you to own one.
Rental Income
People believe that there is no use to second homes outside of vacation season. This is farthest from the truth nowadays. Many homeowners purchase second homes with the concept of short-term rentals in mind.
This model is commonly known as AirBnbs or Instant Hotels. Property owners enter this lucrative business by renting out their homes to potential tenants for shorter periods. This is especially prominent in areas that are desirable for their characteristic as a vacation destination.
An example of this will be homes near beaches. If appropriately maintained, the vacation home becomes a great investment for the owner. It will then produce long-term profits as well.
Tax Breaks
Sometimes, vacation homes act as mere second homes. Homeowners that can prove their vacation home will not be used as an income-generating source can benefit greatly from it. They can experience tax breaks, wherein mortgage interest and property taxes can be deductible.
Preparing for Retirement
Many of us live in inner cities because it is convenient in the meantime. It is in the metro – closer to our jobs and other great amenities as well. However, we will reach a point where we will have to retire. Retirees often do not stay in the location where they spent most of their early years in.
If you invest in a vacation home early, you will guarantee yourself a place to stay in away from the bustling city when you are older.
Simple Getaway
Planning for vacations can be extremely gruelling. Destination, itinerary, schedule, and budget have to be considered while preparing for it. When you have your own vacation home, the time it takes to plan for getaways is cut in half.
Budget for lodging is not something to consider any longer. Itinerary is something that can be built up over the length of your ownership, as you explore everything that your location has to offer. Your getaways do not even have to include the entire family.
If some alone time is needed, all you need to do is prepare for travel, and you will have another home waiting for you.
Like your permanent residences, your vacation home will need care and maintenance as well. But if given the proper amount of attention, you will find it thriving, and extremely advantageous to your lifestyle.