1. Taking Frequent Vacations to Orlando
Do you find you and your family are taking frequent vacations to Orlando? Maybe it’s Disney World or Universal. Whatever the attraction, consider how much money you spend on lodging, dining and activities. Generally the cost of all that combined annually could be a down payment on a vacation home. When you’re not using it you can rent the property out which helps offset the cost of owning it.
2. Already Own a Timeshare
Timeshares are great for some people but with the real estate market at rock bottom prices on vacation homes have never been lower. Unlike a timeshare, if you own a vacation home you can visit the property as much or as little as you like and there are no penalties and unlike a timeshare you can rent your property out when you’re not using it. Often times, the carrying costs of owning a vacation home that is being rented out ends up being almost the same as an upscale timeshare.
Many people who plan their retirement already have a set place in mind that they would like to retire to. If you are one of those people consider the financial benefits to investing in a vacation home for your retirement. The ability to offset the cost of owning the property until retirement and still use the home for vacations is a huge perk as well as the equity that you will be building towards your retirement nest egg.
4. 1031 Exchange
Many investors who are selling off their investment properties are looking to take advantage of the 1031 exchange for tax purposes. What a great opportunity to invest your gain into a vacation rental property. You not only save on taxes but now you gain a vacation home that you can retreat to as well as offset the carrying costs of owning.
5. House Exchange
Ever wish you could be part of a house exchange and travel across the world all while living like a local? The only downside to house exchanges are if you don’t own a vacation home, you would have to rent out your own personal residence to strangers. I don’t know many people who would be okay with that. Owning a vacation home now gives you the flexibility to trade up your house with someone else’s and not have to worry about personal belongings.
6. You Just Want a Good Florida Real Estate Investment
If only for the reason that you’re looking for a property that will appreciate in value than buying a vacation home could be the best investment you ever make. Vacation rental properties are in a specialized category of real estate and due to their zoning flexibility for short term renting, there is always a demand for this type of property from international investors. Vacation rental homes, in my opinion, could be one of the safest real estate investments you can buy.
We hope to earn the opportunity of helping you achieve your investment property goals this year. To set up a free, no obligation investment property consultation with us please use our scheduling tool or contact us directly at 866-422-6191 and if you have enjoyed this article please consider subscribing to our blog and stay updated on future information.