What are you planning for your next vacation? Are you heading out to a seaside resort? Or are you taking a staycation and renting an Airbnb?
No matter where you’re going for your next getaway, if it’s someplace you visit often, here’s why you should consider buying a property in that location.
It’s cheaper to own property where you vacation
Everyone wants to save money on their vacations. When you own a property where you vacation, you’ll save tons of money. You won’t have to pay for a hotel room, an Airbnb, room service, or extra for basic amenities like a kitchen.
Owning your vacation home also means being able to stock a full-sized refrigerator with real food. You can go to the grocery store, load up on fresh produce and frozen items, and have all your meals covered.
Movies can be expensive in a hotel, but if you own your home, you can watch Netflix, Hulu, or rent movies on Amazon Prime.
In addition to food, you can stock your house with anything you might need while on vacation, including a used car to save on bus and taxi fees.
You’ll have a mortgage to pay, but you can recover the cost by renting the property out, which leads to the next benefit.
You can rent the property seasonally
When you’re not using your vacation home, you can rent it out to short-term tenants. However, you’ll need an investment mortgage to make it legal. Also, your tax situation will change, but a tax professional can help you with that.
Should you decide you no longer want to vacation in that area, you can sell your property or rent it out to full-time tenants. If you’re concerned about being an absentee landlord, look into property management services.
Property management companies are used to managing properties for landlords who don’t live in the area. For instance, Green Residential manages Houston properties for all investors, regardless of where they live.
Having a property manager will ensure that your tenants are properly screened and meet all the right qualifications. They’ll also stay on top of all repairs and maintenance and report back to you on a regular basis. Most importantly, your property manager will make sure your tenants move out at the end of their lease so you can enjoy your property.
You can stay for much longer
Wouldn’t it be nice to stay on vacation longer without having to drain your bank account? Every extra day you stay is another $100+ expense for accommodations and more for food and entertainment.
Owning your vacation home frees up your money for fun things rather than hotel and car rental bills. You can stay for an extra week if you want. As long as you can get the time off, you’ll get plenty of time in your vacation spot.
Vacationing is easier when you aren’t in a hotel
Staying at a hotel becomes familiar, but it’s not convenient. Each day, you have to make your way through a large building, sometimes through long corridors and down elevators just to get to the parking lot. From there, you have to walk a distance to your car or wait for the valet to bring it around.
The worst part is having to check-in and out at certain times. Some hotels have restricted check-in times, which means if you don’t make it on time, you’re not getting into your room. Checking out before 10:00 am is also frustrating and if you sleep in, you’ll be charged for an extra night.
When you own the home you stay in for your vacation, you can come and go as you please, take a few steps to your car, and sleep in as long as you want without consequence, provided you don’t miss your flight.
A vacation property is a worthy investment
Owning real estate is a great way to build long-term wealth. Owning your vacation home is a great way to save money while building a foundation for long-term wealth.
If you’re looking for ways to save money on your future vacations and stay longer, consider buying property in the area where you vacation. Rental property will generate a profit no matter where it’s located. Even if you only rent out your vacation home part of the year, that income will eventually become pure profit when you pay off your mortgage.