The thought of buying a second home or a vacation home may be scary for many people. But in reality, by making smart choices you could own two houses without breaking the bank.
Basically you need to compare costs. First figure out how much you spend every year going on vacations. This includes all costs like travel, accommodation, renting equipment, time, food, etc. Then figure out how much it would cost you over the next 15 or 20 years to do this. You will often find that the accumulated amount is rather large. Large enough say, to buy a second home.
However, if you do choose to buy a vacation home based on this analysis, you have to understand a few things.
1. You limit your choice of destinations drastically. After all the idea of getting a vacation home is to go there frequently. Choosing other destinations, other than occasionally, negates the benefit of buying the place.
2. You have to get your choice right. Just because you like Ice Fishing does not mean that you family will appreciate a place in Alaska or somewhere like that. The decision has to be family based and it has to be a place that everyone loves going to again and again.
3. Pay careful consideration to the amenities around the location. You don’t want to be caught out in a remote are with no help in the event of an emergency.
These are a few basic things to consider in buying a vacation home. If this got you interested, why not talk to an experienced realtor and consider you options?