If you’ve been thinking of investing in a second property for vacationing this year, your timing may be just right. While there’s no doubt the market has been crazy hot the last couple of years, especially in the favor of sellers, this doesn’t mean now is not the time to make a wise investment in a vacation property.
Of course, your trusted real estate agent can give you even more targeted advice in your region, but here are some great reasons why it may be advantageous to invest in a vacation property in 2022.
A Great Year to Invest
AvantStay thinks that 2022 will be an advantageous year for people to invest, even after two years of uncertainty in the real estate market. That said, the short-term rental market in particular has been thriving right along, with more and more travelers, homeowners, and investors looking at vacation rentals as a “home away from home,” with all the perks of a hotel yet on a much more personalized level.
The ever-changing regulations and shifting travel plans that have plagued the country through this pandemic are continuing to fuel the popularity of short-term rentals for people who want to get away from it all – safely. Single-family rentals are the most popular, especially when they’re located close to area attractions.
The top five destinations this year that are popular with second home buyers include:
1. Joshua Tree, California
2. Temecula, California
3. Smoky Mountains, Tennessee
4. Cape Coral/Captiva, Florida
5. Charleston, South Carolina
Why You Should Buy a Vacation Home Now
There are many factors pointing to the fact that you should invest in a second home in 2022. Consider these pros. Buying a vacation home:
• Is an investment. Just like your primary home, a vacation home will increase in value, especially if it’s located in hot tourist markets near beaches or mountains. In the end, you could probably sell your home for much more than you initially paid for it – even though prices to buy are historically high right now.
• Allows you to rent it out and earn money. No one says you have to keep the vacation home all for yourself. Rent it to other travelers and you can have your mortgage virtually paid for each month.
• Saves you money on vacations. If you’re used to spending thousands of dollars on airfare and hotel rentals each year to take the family on vacation, you can save money by owning your own home away from home. Stay as long as you want, prepare your own meals, and come and go as you please.
• Allows you to enjoy longer vacations. It’s tough to justify spending $300 a night on hotel rooms, especially during peak seasons. That’s why most people spend only a week on vacation. They simply can’t afford to take more time off. But when you own the vacation home, you don’t have to worry about those high nightly rates. Depending on the nature of your job, you can even work from home and extend your vacation indefinitely.
• Increases your quality of life. Buying a vacation home will give you a place to recharge your batteries, reconnect with friends and family, and just relax, adding to your enjoyment of life.
Contact Berkshire Hathaway Premier Properties
If you’ve decided to seize the day and make 2022 the year of your new vacation home, let us help you find it.