Tuesday, February 07 2012
Who can’t use a little time off now and then? Vacation time is not just a welcome reward following long stretches of an otherwise unending repetition of day-to-day obligations, it’s also widely recognized as a necessary relief valve -- a break from the stress of today’s hectic schedules. Vacations, long or short, take us away from our hectic routines. They serve the purpose of breaking up the monotony of the daily grind – often resulting in valuable perspectives that bring renewed vigor and creativity to careers and even relationships.
A week at the beach; a couple of days fishing over a weekend; simply spending quality time with family and friends in vacation homes set in picturesque locales – all can serve a valuable purpose. Not to mention just having fun!
Whenever we plan a break away from home we can find a broad choice of hotels, inns, villas,and vacation homesfor rent. It is that last choice that’s often overlooked, but for those who have managed to buy themselves a second home near an attractive vacation destination, it’s the hotel cost that is no longer an issue. And with today’s historically low interest rates and rock-bottom sales prices, there is good reason to argue that right now there has never been a better time to consider purchasing one of those vacation homes yourself.
One reason that many thoughtful families are beginning to pay attention is the considerable impact owning second homes or vacation homes canmake onreducing retirement expenses. Writing in Interest.com, author Stef Donev points out, “By starting early, you're building equity and reducing your mortgage debt on your…retirement residence. When you retire, the profit from your current home might even be enough to pay off the mortgages on both.”
While having a second home can have tax and other financial advantages, what can be even more appealing is the attraction of owning vacation homes near resort or tourist spots – especially for those who vacation at least once a year. In addition to the savings realized from eliminating many sizable hotel and resort charges, it can even become possible to reverse the vacation cash outflow by opening their own vacation home for rental accommodations. By hiring a property management team to take care of the bookings, they generate their own passive income as an offset to dual mortgage and upkeep expenses.
If you are newly considering the pros and the cons of purchasing a second home in Southwest Indiana or in another location, do give me a call. You can reach me by phone at 812-499-9234 or email Rolando@RolandoTrentini.com