With summer in full swing, it's the ideal time to plan your getaway and enjoy some relaxation. If you’re eager to soak up the sun and have some fun, you might want to consider whether owning a vacation home is the right choice for you.

Why People Buy Vacation Homes

A survey by Ameriprise Financial reveals several reasons why people choose to purchase a second home:

• 
  

  Vacation Destination or Stress Reliever (81%): Owning a vacation home provides a personal retreat where you can escape the daily grind and unwind. You also won’t need to worry about booking accommodations when you want to get away.

• 
  

  Better Weather (49%): If you live in an area with harsh weather, a vacation home in a sunny, warm location offers a great escape, letting you enjoy pleasant weather year-round.

• 
  

  Rental Income (41%): When you’re not using your vacation home, you can rent it out, providing a source of extra income.

• 
  

  Future Primary Residence (33%): You can enjoy your vacation home now and plan to move into it full-time during retirement, making it a future primary residence.

• 
  

  Gatherings with Family and Friends (25%): A vacation home can be a perfect venue for family gatherings, parties, and creating lasting memories with loved ones.

Ways to Buy Your Vacation Home

You don't need to be wealthy to afford a vacation home. Bankrate suggests two strategies to make this dream achievable:

• 
  

  Buy with Loved Ones or Friends: Sharing the purchase cost with family or friends can make owning a vacation home more affordable. Pooling resources allows you to split the expenses and responsibilities.

• 
  

  Set Up a Savings Plan: Start a dedicated savings plan for your vacation home. Consistently contribute to this fund each month to gradually save up for your purchase.

Finding Your Dream Vacation Spot with an Agent’s Help

If the idea of owning a vacation home excites you, it's best to start your search now. Summer is a popular time for buying vacation properties, so acting early is advantageous.

Your first step is to partner with a real estate agent. They have extensive knowledge of the area you’re interested in and can help you find the perfect property. They also understand the nuances of buying a second home and can guide you through the process. As Bankrate notes:

“Buying real estate in a new area — or even one you’ve vacationed in for many years — requires expert guidance. That makes it a good idea to work with an experienced local lender who specializes in loans for vacation homes and a local real estate professional. Local lenders and Realtors will understand the required rules and specifics for the area you are buying, and a local Realtor will know what properties are available.”

Bottom Line

If you’re considering the idea of owning a vacation home, let's chat. A vacation home could be the perfect upgrade to enhance your summer and future getaways.