After finally working your last day and entering retirement, wouldn’t it be nice to spend some time in your favorite vacation spot? As a retiree, you’ll want to make sure that wherever you go, it’s worth your money, which is why buying a vacation home in your perfect destination for retirement could be the answer.
Buying a second home is a lot to take on, but there are plenty of reasons why it could be the best decision you ever make. Here are four reasons to buy a vacation home for retirement.
- Visit Your Property Whenever You’d Like
- Pride of Ownership
- Create a Second Income
- Make the Property Your Own
- What to Consider Before Purchasing a Vacation Home
Visit Your Property Whenever You’d Like
When renting a holiday home or staying in a hotel, you need to work around their schedule rather than your own. To go when you want, you have to act quickly and book before dates are taken. The last thing you want is to go on your vacation at a bad time of year because it was the only time available.
A vacation home keeps you in control.
Buying a vacation home for retirement means you can own the property and enjoy it when it suits you. You’ll no longer have to search tirelessly on websites to find a great deal that fits their schedule — you’ll go when it suits you the most. You can finally simplify your vacations.
Pride of Ownership
There’s a real sense of pride that comes from owning your own vacation home. It’s the same feeling many first time homeowners feel when they finally stop renting. Not only that, but as an owner, you can also do so much more than you could when only renting a property.
You can invite friends and family around whenever you choose, let them borrow your property when you aren't there and create your perfect interior, suited to your tastes.
Create a Second Income
Buying a vacation home ahead of retirement creates the opportunity to put the property on the rental market when you aren't there. During the high season, you could bring in premium rents. This is easily done online — and as some vacation developments offer rental and management programs, you may be relieved of having to manage the property while you’re away.
If your vacation home is in a desirable location, you can benefit from this secondary source of income. Having a management company manage your vacation home can take the stress away, as they'll advertise your vacation home, manage the booking, handle repairs and maintenance, and more.
If you want to own your vacation home while also maximizing your rental income, buying a vacation home for retirement is the option to choose.
Make the Property Your Own
Unlike renting a holiday home, you can buy a vacation home and make it completely your own. It'll be your home away from home, where you can store everything you need.
When you've retired, the last thing you want is the hassle of baggage, fees and stressing about the little things. No longer will you need to pack everything or pay extra fees for baggage at the airline, as you can leave these things at your vacation home and travel far lighter.
What to Consider Before Purchasing a Vacation Home
First, consider how often you’ll visit the vacation home. If you’re a retiree from New York, you may spend every winter in Bermuda, which will be around three months a year. In this case, it will be worth it. However, if you only plan on spending a week or two each year to vacation there, it may be in your best interest to continue renting.
You’ll also need to consider your budget and if buying the property on your own is feasible.
Maintaining two properties in different countries isn't easy if you're going at it alone. When deciding on your second home, make sure there’s a management company that will take care of any required maintenance.
When you retire, where do you picture yourself? Do you picture yourself in Florida, or the Caribbean. Or would you rather spend your time on the famed pink-sand beaches of Bermuda? If your answer is the latter, find out more about Bermudiana Beach, Tapestry Collection By Hilton below.
Purchase Your Second Home With Bermudiana
Bermudiana offers a stunning oceanfront property that’s set to open in 2022. It’s a condo-hotel, which means it’s fully furnished but the decor can’t be changed.
You own your property outright and have a usage allowance of 90 days each year, which means you don’t need a visa (longer than 90 days a year means you need a Visitor Extension or a visa in Bermuda).
It is fully serviced, has a management company and a Tapestry Collection by Hilton marketed rental operation.
So, if a beachfront condo, friendly locals, fresh seafood and completely hassle-free second home ownership sound like your idea of paradise, click the button below to learn more about why Bermudiana should be your first choice for a vacation home.