Pros and Cons of Owning a Vacation Home : A vacation home is a second home to complement your permanent home. As the owner of two vacation homes, I can introduce you to a number of aspects that will help you get your dream vacation real estate with lasting pleasure for yourself and your family. Even as you read this easy list you will also get an impression of the pros and cons of having an extra home for the holidays.
Some of the same aspects of buying a vacation home are exactly the same as buying a permanent home.
Holiday home operating costs and costs
For most of us, the price when we buy a house and the year-round costs are obvious and important boundaries to take into account. Be sure to think about what you can afford now and what you can afford when you retire if that’s on the horizon.
The most important aspects of a vacation home
If you ask a real estate dealer about the three most important aspects when you are looking for a new home, he or she will answer: 1. Location, 2. Location, and 3. Location.
Think about what that means to you. When you get a home for the holidays, you may be able to improve it and make it bigger and better. But you can’t change the location for the same vacation home or flat.
Many would sum it up in a smarter way to buy a not so great vacation home in a really great location – than the other way around.
Holiday home style
Since we already have 9 grandchildren of our four children, we give high priority to our holiday home that can accommodate everyone. Not in a fancy way but in a functional way. Another couple might be more focused on having a more luxurious place to live for themselves and telling two friends to stay over or something like that.
Other families may be more focused on finding somewhat simple and basic accommodations that are not demanding but which may have a rustic appearance.
Holiday home amenities
If you are going to a vacation home away from other people, the amenities in the house may be quite simple and primitive. You may not even have running water and toilet facilities.
In such a place it will also be a challenge to get help from professionals when you need repair and service. On the other hand, such a house may be a bit cheap to buy.
How often will you or a family member use the vacation home?
Be realistic and calculate how often you and your family can actually take advantage of it when you go through your checklist for reflection before you buy an extra home for your free time. Vacation homes or other vacation homes should not develop into a burden in everyday life. The difficulty and cost of going there should be part of your calculations, but so should your alternative ideas such as going on holiday abroad.
Can you make the most of your vacation home the way you want?
Finally you should think about and discuss in the family what kind of activities you would like to have as an option when you are looking for a vacation home or flat. Some families focus heavily on skiing, others on swimming and sunbathing on the beach, others on wildlife experiences and still others on hunting. If you have teenagers, ask them what interests them and hope to let them bring classmates or other guests while staying on vacation.
Summing up the pros and cons of owning a vacation home
The advantages of vacation homes
You will have the ability to escape from everyday tasks and trade your home environment for something different that can reduce stress and enhance the feeling you are on vacation.
Often you will combine your commute home in your free time with social activities such as inviting friends and family members. Your guests will often recall the visit with far greater satisfaction and pleasure than a casual social gathering in your permanent home.
Your children will gain greater insight by getting to know locations other than their everyday environment.
Cons of a vacation home
A vacation home is an extra burden in economy and daily management.
It might limit your access to travel to new places and to experience unfamiliar sightings and cultures.
It might generate some discussions in the family when to go and when not to go. You might experience clashes between your dreams of going to your vacation place and to fulfill expectations to stay home and be involved with other activities, e.g. birthday parties of friends etc.
And finally it will not be possible to be sure when you can sell your vacation home in time to a decent price.