Many Americans go on vacation at least once a year. Although not everybody can readily afford cross-country or international trips every four seasons, these tips will help you stay on track and get your family’s hands on the summer vacation home you’ve been yearning for.
1. Go for a time-sharing agreement
Millions of people own stakes in summer vacation homes known as timeshares, which spread the cost of purchase and maintenance among a property’s cohort of owners. In exchange for paying their dues, part-owners are given certain times of the year when they are allowed to use such properties exclusively.
In a few days or weeks after the access period begins, it’s time for a new part-owner to assume their co-owners’ places.
If you can’t think of a reasonable way for you to purchase a vacation home, buying into a timeshare could be your most affordable shot at getting a summer vacation space.
2. Source appliances that are below market value
Assuming that you don’t gain access to vacation houses through time-sharing agreements, you should consider outfitting your summer space with trendy, value-adding appliances.
Every home needs kitchen and laundry-room appliances, after all. Rather than forking over a few thousand dollars that you probably can’t comfortably afford to lose to equip your vacation home with good appliances, you should find rent to own kitchen appliances for your vacation home as a way of saving money.
You should also consider turning to refurbished appliances when building the summer vacation home of your dreams. Further, consider buying used appliances as long as they’re in shape. You can purchase used appliances for low prices, though transporting and refurbishing them will level out their low cost.
3. Search for vacation homes that can be purchased in rent-to-own fashion
You can rent certain properties for so long, usually a period of at least 20 years, that you will be given them for free or a small balloon payment at the end of their rental agreements. These properties are known as rent-to-own homes.
If you can’t secure funding through a mortgage or purchase vacation homes outright with cash, looking for rent-to-own vacation homes could be ideal for you. Make sure that you only work with reputable, well-trusted sellers of rent-to-own vacation homes, as many sellers will readily terminate your eligibility to purchase the home at the end of the rental term as a result of not adhering to the most trivial of rules.
4. Rent your vacation home out throughout the rest of the year
If you plan on using your summer vacation home for a few days to a few months each year, think about renting it out by the day or week throughout the times you aren’t living there.
This strategy is best carried out through the help of professional property management companies or independent property managers, who can be held legally liable in the event they are responsible for damages or otherwise mishandling your property.
Fortunately for you, it’s easier to rent homes on a short-term basis than ever before. This is directly tied to the advent of home-sharing apps and web-based platforms like Airbnb.
5. Seek out potential tax deductions as a result of purchasing a vacation home
The more time you allocate for your summer vacation home to be rented as opposed to inhabited by year, the greater tax deductions you’ll be subject to. If you have experience with the intricacies of the Internal Revenue Code of the United States or hire a tax expert to procure the most tax benefits that you can possibly claim related to your investment in a rental property that doubles as your summer vacation home, you can end up paying many thousands of dollars less in taxes in a year’s time.