The vacation home landscape has changed significantly since the arrival of vacation rental companies like Airbnb. Today, renting as little as a spare bedroom makes you cash-rich. But people are gradually realising that owning second and third properties is worthy of investment.
Instead of paying enormously for pricey hotels during vacation owning a vacation retreat is a better choice. Wondering how? While you enjoy buying Summerland houses for sale, it is an opportunity to explore living in a new city. Finally, you cannot stop yourself from turning into an experienced investor that way.
Are you still contemplating whether investing in a house for sale in Summerland for a vacation is a good idea? Here is what you need to know:
Benefits of investing in a vacation house for sale
1. Opportunity for growing your finances
If you are a seasoned investor, you would know how promising it is to invest in second or third homes. But if you are a beginner and have enough that is lying in your bank account, buying a vacation property is another name for growing wealth. Based on data collected from Royal LePage Canada, the prices of single-family recreational homes soared during the first few months of 2020, and the aggregate price of Lakeview properties also took an upward turn. So, based on data from previous years, owning a vacation home would be having a cash cow. Since the global pandemic, the demand for vacation rentals has surged across Canada.
By investing in a vacation home, you will enjoy those relaxing holidays at no additional cost and diversify your income potential. With that said, your wealth grows without being a real estate expert.
2. Streamline your vacation
Although it seems exciting initially, planning a vacation can be a tedious task. From finding a location to choosing the right accommodation, it is indeed hectic. Moreover, comparing prices and reviewing testimonials often puts you at loggerheads. Imagine a streamlined vacation where you don’t have to worry about the stress of planning. All you may need to do is book flights and pack your things. No wonder homes for sale in Summerland BC are truly a home away from home.
3. Building home equity
Although the vacation home market looks positive right now, investing in real estate is undoubtedly a slippery slope. So, don’t just pin your hopes on growing returns. That is why, choose the location carefully. Factor in the price trends, amenities, and infrastructure to ensure that yours is a smart decision.
4. Plan for retirement
You may still have a few years in hand for retirement. However, buying a vacation home may open up some really exciting options. So, start with your preferences. Do you want to live near the lake or mountains? Well, you can have the best of both with Summerland’s new homes nestled in the Okanagan Valley, an abode of picturesque lakes and mountains. Try to invest in the vacation home early so that you have a little mortgage left that is still to be paid. Connect with reputed realtors to discover the feel of the location before you give a nod.
5. Opportunity of customisation
Owning a second house is a genuinely revenue-generating decision but what is even more exciting is the opportunity of customisation it offers. Once you identify yours from lots for sale in Summerland BC, talk to builders about personalising your house and making them adapt to the trends. From the design process to features, customising the second home is indeed fun but make sure you don’t compromise your comfort. A vacation home is where you achieve the work-life balance truly. So, personalise the house in a way that lets you get relief from stress.
6. Choose community living
With a vacation home, you can get a chance to live with people whom you may consider your own even if temporarily. While you can be yourself with your friends or family, it allows you to make friends in the neighbourhood. Investing in a vacation property gets you a home away from home where you exchange views with people from other communities in Okanagan custom homes. It will also help you connect with the locals.
Do you want to join the bevy of buyers planning to invest in a vacation home? It’s time you get to exploring homes for sale in preferred locations to make your holidays more comfortable and memorable. Buying a second home is also a smart bet if you want to consider seasonal rental options to grow your health.
