The season for vacation has arrived; many people will be traveling to the beach, or into the mountains, across the desert, or through the forest. For me personally, I enjoy vacationing on the beach. I long for the days of sitting on the beach in lounge chair nestled deep into the sand with my toes buried and a book or magazine in hand catching a few Zs in between nodding off and reading an interesting article. Ok, with two kids in tow, there’s not a lot of resting on the beach, but I fantasize of those days when I am finally in the retirement stage of life.
If you’re like me, you often think about actually purchasing a condo or cabin at your favorite vacation spot so that someday you can retire there and live the rest of your life and feel like you are on vacation forever. I’ve often caught myself looking up property while on vacation just for fun and my husband even once set up an appointment to see a property the last time we went to our favorite beach hangout.
This summer, as we prepare to take the kids to the beach again, this time to a new beach we haven’t yet visited, I begin to wonder about the real estate investment and benefits of owning my own vacation home. Many benefits come to mind for the owner of his own vacation home, for starters, owning your own vacation home means you can have first dibs on the week or weeks you wish to stay, you can also make a little extra cash throughout the year when you rent it out to other vacationers. There are also many tax benefits that can make a vacation home affordable depending on how often you use the property for actual personal use versus renting it out. Check with your accountant to get the full rundown of the different tax advantages of a vacation home.
My personal favorite benefit is the ability to live full time in my vacation home once I’m ready to retire to a warmer climate for good and have it paid for! This last reason is why it’s a good idea to begin thinking about investing in a vacation rental early in your working years, so that come retirement age, it’ll be paid off, or nearly so, and ready for a full-time tenant!
What is your favorite hideaway, the beach, in the mountains, near the desert, or tucked away in the forest, a vacation home can be an added source of income, can offer a tax benefits, and will prepare you for a peaceful retirement!
Emily Schmidt is a Sibcy Cline REALTOR® from Beavercreek, Ohio. She has helped clients in both the Dayton and Cincinnati areas find their dream home and sell their current property. Emily can be reached by phone at 937-409-6337 or by email at [email protected]
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