You know what your dream vacation home looks like, but how often would you actually stay there?
So, you’ve likely put plenty of thought into what your vacation home looks like and where it’s located. Despite this, have you ever wondered how much time you’d actually spend at your dream vacation home once you got it? Or, if you have a dream vacation home, how much are you using it right now?
Vacation or seasonal homes away from home have been a mainstay of many cultures. From the Russian dacha to the Canadian cottage, people have wanted an escape home for centuries. In the US, there are plenty of different vacation homes to be had, located on beautiful islands, by serene lakes, and so forth. LendingTree recently conducted a survey on vacation homes and investment properties, and the revelations it came to were quite interesting.
According to the survey, 39% of Americans own an investment property, while 36% own a vacation home. Of these vacation homeowners, almost one in two (49%) report feeling guilty over how little they actually use their vacation property. This guilt perhaps lines up with the statistic that 56% of vacation homeowners bought their vacation home to rent it out. Despite that, only 41% of vacation homeowners have ever rented out their property. Among those who sell their vacation home, 31% said they did so because they didn’t use it often.
There are several ways to take advantage of a dream vacation home. There’s no reason that it can’t perform multiple roles. One good vacation home can serve as the perfect investment property, source of income (vacation rent), and family getaway. Before you buy your dream vacation home, try to think realistically about how much time you’ll spend vacationing there and how much money you can realistically make renting it out to vacation-goers. You can’t always make so much money, but a well-located vacation home can net you hundreds of dollars from a single vacation weekend.