Do you love to travel? Here at From To, travel is our favourite subject. We might be talking about a one time vacation, or regular visits to a destination you have come to love over the years. Whatever you choose to get away from it all, we like to think we have some good advice to help any traveller have a good time.
For some, the details of travelling can detract from the enjoyment of a vacation. Locating a good hotel at the right price, worrying about meals, the added expenses incurred with the search can all take a toll. In order to avoid this, many people consider the purchase of a vacation home.
Vacation homes are great for people who tend to travel to one spot for most of their vacation time. They can also come in handy for making little dreams in life come true; they are ideal for those looking to the future, having cottage weddings, a cozy place to retire, and so on.
While you may have a dream of owning a vacation home, the purchase of one is not a decision to be taken lightly. A talk with any real estate agents will reveal the fact that when times get rough economically, those with vacation homes can be the first ones in trouble.
That is, of course, because vacation homes are a luxury purchase. You don't buy real estate in London England for practical purposes when you spend three quarters of the year in Burlington. That means the first thing you have to look at is the possibility of an exit when you purchase any kind of vacation home.
By exit, we mean the ability to sell at a good price and relatively quickly. A real estate broker in southern Ontario will tell you that certain vacation spots tend to stay popular no matter what the economy is doing. Muskoka cottages, for example, seem to always be in demand. That means paying a higher price most of the time, but it also means you can get out of the investment with your finances intact should you need to.
Before you do buy a vacation home, make sure it is something that you will use either for yourself or for profit on a regular basis. As a real estate agent may tell you, you won't use a home in Hawaii much during the year. However, you can rent it out when you aren't there, and make the payments that way. Having a vacation home sit idle 11 months of the year is just a waste of money, but with a little know how you can make it work for you.