Buying a Vacation Home Beats Renting

This is Memorial Day weekend and the official start of summer on Cape Cod as well as other vacation destinations.

For many this means returning to the same cottage or beach home that they’ve been renting for years. These places are familiar, fun and relaxing.

But, if you’re returning to the same place year after year, maybe it’s time to ask yourself if buying a vacation home makes more sense than renting one again. And again.

According to Forbes: “. . . if the idea of vacationing at the same place every year makes you feel instantaneously relaxed, buying a vacation home might be a wise move.”

To help you decide if doing this is right for you, let’s explore why you may want to consider purchasing a vacation home this year. 

Benefits of Owning Your Vacation Home

You don’t have to worry about finding a place to stay. It can be a challenge to find a rental where you want, when you want, even if you’ve been going to the same place for years. Some summer vacation destinations are more popular than others, meaning your favorite place may be booked up in advance.

Bankrate explains why owning your vacation home means you don’t have to worry about that sort of inconvenience: “. . . a second home can offer a place to have quality time with your family and ensures that you always have a vacation destination.”

You can also never be sure that the same place you’ve been renting will always be available. We know a family who has vacationed at the same place in Maine for more than 20 years. But, the owners have recently decided that they’re only going to make it available to family.

In addition, many places like Cape Cod can be more than just summertime destinations. The weather on Cape can be inviting through the fall. (Some of us think that it’s best time of year!)

Remote working provides you with more opportunities. With so many people working remotely or only going to the office part-time, you can use your home more often, not just during the weeks you’re on vacation.

It could potentially turn into a retirement location. If you love the location of your vacation home, you could potentially sell your primary residence and retire there when the time comes.

It’s an investment. Home values typically appreciate over the long haul. That holds true for your vacation home as well, especially if it’s in an area with growing market demand. This can help grow your net worth over time.  

Vacation homes may provide tax benefits. If you own a vacation home, you may be eligible for tax deductions based on where it is. However, before buying, you’ll want to consult with a professional as taxes can vary by location.

So, if you’ve just spent the long weekend at the same place or if you’re preparing for summer vacation where you’ve always gone, you could be visiting your second home instead of another rental or hotel.

There are a number of different vacation options on Cape Cod from houses that can be used year-round to seasonal condominiums. We can also introduce you to a newer concept of shared ownership in the luxury home market where owners have year-round access to “their” vacation house on an agreed upon schedule.

If any of this sounds appealing to you, we can be a great resource. Hank has been trained and certified by the National Association of Realtors as a Resort and Second Home Property Specialist.

Is it time to buy your own vacation spot? Let’s connect at 508-360–5664 or [email protected]. Act now and there’s still time to enjoy summer in your vacation home.

We hope you are having a safe and relaxing Memorial Day Weekend. Sometimes we focus on the days off and not on the reason for the long weekend. Memorial Day began in 1866 to commemorate the lives of those lost in the Civil War. Please take a moment today to remember all the men and women who have died in military service to our country. Thanks…

Mari and Hank