Choosing to own a vacation property or second property can sound super exciting, but are your ready for the commitment? Let’s weigh the pros & cons:
Pros:
- Great Investment: Real estate has historically risen in value
- Rental Income: If you choose to rent your property, you can benefit from additional income.
- Convenience: Your vacation property allows you to take holidays at the drop of a hat!
Cons:
- Upfront Fees: A vacation home will very likely cost more than renting. Don’t forget you need to furnish & decorate!
- Upkeep Expenses: Just as you do at home, you’ll have to maintain your vacation property.
- Justification: Since you have made the investment you will feel obliged to visit it. Make sure you’ll love it as much as you do right now.