On vacation, you can relax on tranquil beaches, enjoy a massage at renowned spas and leave the stresses of work at home. Now, imagine doing all of that in your home away from home rather than a hotel —something you can experience every year.
This is just one of the many tangible benefits of owning a vacation home. Read on to learn about the many other benefits you can enjoy.
1. Simplify Your Vacations
Although exciting, planning vacations can be a little tedious. First, you need to find a location. Then you need to find accommodation, next it’s the flights — and you even have to compare reviews and prices to make sure you find the right place and price.
Purchasing a vacation home takes all the stress out of going away.
All you need to do is book your flights, travel insurance and you’re ready to go (except for packing, of course). Whether your house is on a beautiful beachfront or by a scenic lake, it’ll be your home away from home. This benefit shouldn’t be overlooked.
It creates the opportunity to make even more memories and have roots in another community. You’ll find your vacation home becomes a special place to host loved ones, create traditions and friendships, and gives you a true break from work and the stresses of everyday life.
Your children and friends can join you for new experiences. Plus, as your family grows, the vacation home can be passed down for future generations to enjoy.
2. Create a New Revenue Stream
Choosing to buy a second home creates the opportunity to rent the property out when you’re away.
If your second home is in a desirable location, it could become a reliable source of secondary income. However, there are local laws you’ll need to abide by to set this up, so if this is your intention, it’s important to do your research first.
In some cases, using a management company to look after your vacation home will ensure your property pays for itself. They can advertise your vacation home, manage your bookings and carry out repairs and maintenance.
This is an option many vacation homeowners take. When the property isn't in use, it's rented out so you have another source of income. Some management companies also have rental programs, helping you save even more time and maximize your rental income.
3. Build Home Equity
As the housing market continues to fluctuate, the decision to own a vacation home shouldn’t be made with the assumption that the property’s value will increase in the future. That’s why it’s vital to purchase your second home in a vibrant, sought-after location that's more likely to appreciate over time.
To ensure you’re in the best position when buying a home away from home, it’s vital you do your research. Take a look at housing factors such as price trends, investment in infrastructure, local restaurants and other amenities to make sure you’re making a smart decision.
4. Prepare For Retirement
Many choose to purchase a second home as a halfway house towards retirement. Buying a vacation home in a country you're familiar with is a great way to prepare for your retirement and makes the transition easier. So, another benefit is that it's a good way to slowly settle into your future home.
Buying a vacation home in a location you’re looking to retire to means you can spend enough time there to enjoy a well-earned break — regularly. Then, by renting it out, you accumulate a nest egg to fund your retirement.
When purchasing a vacation home, first you need to find the ideal location, then you need to find the perfect property. Have you considered Bermuda for your second home? Bermuda offers visitors a beautiful climate all year round, picturesque beaches and friendly locals.
To learn more, take a look at our guide below.
Why Purchase Your Second Home With Bermudiana?
Beautiful Bermuda is famed for its iconic pink-sand beaches, beautiful golf courses and unique island adventures — it really is the perfect place to own a second home. Bermudiana Beach Resort, Tapestry Collection by Hilton offers a stunning oceanfront property set to open in 2022.