How to Know If You’re Ready to Buy a Vacation Home

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Are you ready to buy a vacation home? Redfin identifies two factors to consider.

When You Have Enough Time

Buy when you and your family, if you have one, have schedules that let you take full advantage of the property.

When You Have Enough Money

The value you gain from your home will increase the more time you spend in it. But any way you slice it, a second home is another expense — often, a considerable one. You’ll want to be sure you’re comfortable financially before you buy.

Put your investment to good use by turning your home into a vacation rental.

Vacation Homes Can Add Value

John Banczak, executive chairman of TurnKey Vacation Rentals, says a good rule of thumb is for every $100,000 you spend to buy a vacation home, you should aim to make $12,000 to $14,000 of rental income per year.

Source: Redfin – How to Know If You’re Ready to Buy a Vacation Home

 

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Edited by: Elizabeth DeAngelo

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