08 Jun Why Buying a Vacation Home is the Best Real Estate Move of 2022
With summer in full swing, you and your family might be looking for a fun project, a new adventure, or a good investment opportunity. A vacation home can be all of these if you choose the right property. In 2022, the real estate market is hot. This means homes are selling fast and demand is higher than ever. Finding a vacation home will require a lot of research , but these tips will give you some great perspective about how it’s worth it in the end.
It’s a Good Investment
Although real estate is a constantly changing market, it’s a worthwhile investment once you secure a property. If you decide to purchase a vacation home, the smallest changes will help you maximize your profit down the road if you decide to sell or rent. Even if you don’t have any intentions of selling, these upgrades will help you enjoy your new house as much as possible. If you’re deciding whether or not to invest in a vacation home, a mortgage pre-approval is a great way to determine your budget based on location, square footage, amenities, and any other factors that are important to you. Once you decide how much you’re willing to spend, you can begin looking for your perfect vacation home!
There are many small changes you can make to boost the value of your home. On the exterior, painting the front door and trim a more modern color can update your curb appeal. Revamping your landscaping or even putting in a new pool and patio area in your backyard will make a huge difference. These features are great for vacation homes especially, since you’ll be outside enjoying these amenities. On the inside, replacing carpet with hardwood flooring can help make your house feel more modern and airy. This allows you to add area rugs in certain rooms to create defined spaces while maintaining an open floor plan. If your property doesn’t have an open floor plan, there are typically ways to help improve flow, whether it be removing some walls to open up your kitchen and living area, or using cohesive design styles to make separate rooms feel more uniform.
When it comes time to sell, you’ll be able to turn a profit if you make the most of the home’s potential due to these higher ROI upgrades. Especially in the current market, renovations can help increase the home value and allow you to make more than you even purchased the home for. The smallest updates will come in handy if you decide to sell your vacation home down the road.
It Can Serve as a Side-Hustle
A vacation home likely isn’t something you’ll consistently use throughout the year. Renting it out on sites such as Airbnb or VRBO during peak seasons will not only help you pay for the expenses associated with the home, but will also serve as a great business opportunity and way to ensure that your vacation home doesn’t sit empty for long periods of time. The great thing about these sites is that you can block off dates that you’ll be using the house and can rent it out the rest of the time. If you aren’t familiar with all that being an Airbnb host entails, there are many things you should know before listing your home on the site. You can also rent your vacation home out for months at a time if you only intend on using it during the summer months or school breaks. This is a great option if you’re far away and do not have the means to manage short term rentals, as there isn’t nearly as much maintenance required if you have one tennant for a long period of time. Another option is to rent out your home during the times you wish to spend at your vacation home. This way, neither house will be sitting empty and you’ll be able to get some extra money while you’re enjoying your trip.
You’ll be Able to Enjoy it
Being able to have unlimited access to an oasis for your family is likely the main reason people consider purchasing a vacation home. As kids get older and daily life gets more hectic, having a place to escape all of the chaos will surely come in handy. Devoting time to enjoy with your family is proven to increase your happiness and benefit your mental health. Not only will you enjoy having a second home, but your friends and family will definitely enjoy being able to come visit you for a long weekend or even a quick day trip.
Another benefit to a vacation home is that if your schedule allows, you can move there long-term for summer vacations and create the perfect summer home. Many jobs allow employees to work remotely, so this is a feasible option for many families looking for a summer escape. Once you find your dream vacation home in Arizona, endless fun and memories await you!