Modern life is the cause of many stresses. This stress is the reason why vacationing is so important. Buying a vacation home, rather than renting one out, brings so many more benefits. Not least, the opportunity for rental income, but also a way of becoming more tax efficient.
Let's look at the personal reasons for buying a vacation home.
- Guaranteed Time Away to Relax
- Become a Part of the Community
- Create a Second Income
- Visit Whenever It Suits You
- Create a Home Away From Home in Paradise
- Prepare for Retirement
1. Guaranteed Time Away to Relax
According to research, Americans work harder than anybody else in the industrialized world. They take less vacation time, work longer days and retire later in life, so it’s no wonder many people suffer from stress-related illnesses.
You can reduce this stress and risk by taking time off work to recharge. Several studies show that time away from work can have physical and mental health benefits.
In terms of mental health, vacations generally make people feel happy, which gives your brain a good dose of dopamine — the hormone that makes you feel good. Not only that, but workers who take regular time to relax are also less likely to experience burnout. This ultimately increases creativity and productivity.
Buy a vacation home so you can escape the world of work and only focus on relaxing.
2. Become a Part of the Community
When only visiting a country for a short period, you miss the opportunity to become a part of the community. People feel like strangers and whenever you return, it never truly feels like 'home'.
By investing in a vacation property, you have a home away from home where you can immerse yourself fully in the culture, again and again.
As you’ll visit more than once, you’ll get to know the locals and become friends. With these friendships, you’ll learn more about the country’s culture and secret locations that most tourists won’t know about unless they’re friendly with the locals.
With a vacation home, you'll never feel like a stranger in your perfect getaway location.
3. Create a Second Income
Buying a vacation home creates the opportunity to put your property on the rental market while you aren't there.
During the high season, this could bring in premium rents. Plus, as some vacation developments provide rental programs, you may not have to worry about managing the property while you’re away. That way, all you have to worry about is booking your next trip.
It's the dream. Your very own vacation home. And while you're not there it's earning you money while a reliable management company takes care of it. You don't have to lift a finger - even when you visit yourself.
4. Visit Whenever It Suits You
A major benefit of owning your own vacation home is you can visit whenever best suits your schedule.
A common problem many vacationers face is trying to find the best deals for flights and accommodation. More often than not, they're dealing with many others battling to book the best hotels without much success.
Rather than searching sites for the best accommodation deal, hoping to find the right dates for your vacation, all you need to do is book your flights and insurance and you’re good to go. If you are renting your property out, you just book your own vacation slots before you offer the property to others.
All you need to concern yourself with is planning your itinerary to make sure you have the vacation possible.
5. Create a Home Away From Home in Paradise
One thing that always lacks in hotel rooms and rented vacation properties are home comforts.
If you own your own vacation home, you can leave items at the property while you’re away. That way, you won’t have to pack as much each time you travel. When you own your own piece of paradise vacationing is so much easier.
Planning your vacation and stay won't feel like a chore again.
6. Prepare for Retirement
Deciding to purchase a vacation home with the intention of retiring in it and selling your current property can save a lot of money.
This is because you’ll reduce your mortgage debt before it becomes your primary residence. Plus, once you retire, the profit from your sold property can go toward the current mortgage balance of your vacation property.
But before you can sign a contract to purchase a vacation home, you need to think about your ideal location.
Have you ever considered buying a vacation home in Bermuda? Famed for its sub-tropical weather and beautiful pink-sand beaches, Bermuda is the perfect place to call your second home. To learn more about why Bermuda is the ideal destination, take a look at our latest guide below.
Bermuda’s south shore is home to a hidden gem called Bermudiana Beach Resort. This stunning oceanfront property is set to open on April 1st, 2022. With 90 fully furnished condo residences available, it’s the ideal place to purchase your second home.
Naturally, you’ll have lots of questions you want answering before you buy. So to learn more, click the button below now.