Real Estate Blog

The idea of having a vacation home sounds amazing. This could be a place for you and your loved ones to pick up and go to at any time you please. A place where you can just relax without having to worry about life’s usual stressors. With all of these great perks of a vacation home comes some of the downfalls as well. Like anything else in life, nothing is perfect. At Island Property Group we know that the decision to purchase a vacation home is quite a large one with many things to consider. You have to think about if you will use it if you can afford it, and if it’s something you can benefit from having in the long run. Although, if you have weighed out all of the pros and cons already then, we are happy to help you narrow down homes and locations. We offer homes in Bimini, Long Island, Abaco, the Berry Islands, and more. The options are truly endless when you choose to work with us.

Pros of Owning a Vacation Home

Long Term Profits

When you choose to buy a vacation home you are making a decision that will affect you for years to come. This is a big purchase and not one that should be taken lightly. However, if you are worried about the money side of purchasing your dream vacation home then we have good news for you, vacation homes are very profitable! There is an opportunity to make long term profits when you decide to purchase your dream vacation home. Not only does this home count as an asset but it’s an asset you can rent out to others. The reality is that although you may wish you can live year-round in your vacation property, you probably are not going to be able to do that. We all have lives in our hometowns that include family and work, among other things that we cannot go MIA on. This means that you have many months out of the year where your home can be used by others for a price. This is money directly into your pocket that can be used to either pay off your home or pocket if it’s already paid for.

Convenience and Familiarity

A perk of having a vacation home to always go back to when you wish is convenience and familiarity. There is nothing more frustrating on vacation than going somewhere new and having no clue where anything is. This is not the case when you own the property and have been before. You now know where the beach is, the best restaurants, and all of the tourist sites. This makes traveling a lot less stressful and more relaxing. You also do not need to worry about relying on a hotel and local spots for everything. In your own home, you can cook, clean, and live comfortably in a spacious environment.

Cons of Owning a Vacation Home

Maintenance and Damages

Just like your everyday life home your vacation home is prone to be damaged and will need repairs at some point. This is where the extra costs of a vacation home may not be worth it to some. These repairs can be minor or major but they all depend on you to be fixed, whereas in a hotel you are not responsible for anything but having a good time. This can also be frustrating if you notice the damages during vacation and need to put your vacation on pause to get everything fixed.

Lack of Flexibility

One of the things we tell people when they are inquiring about our vacation homes is to pick somewhere they think they would go consistently. One of the biggest problems some people face is buying a vacation home to only visit it once or twice every few years. This in itself is a waste of money, especially if you are not renting it out while you are out of town. You want to make sure that this home is somewhere you see yourself visiting a couple of times a year. If you are someone who likes to travel to different places and switch it up then a vacation home is probably not the right investment for you. This has to be a location you are okay with consistently going to, meaning if you are going to get bored of it after one visit you should probably not make the commitment to it.

For all of your vacation home needs Island Property Group is here for you. We offer high-quality vacation homes in numerous tropical locations. Whatever your preference is, we have it. To learn more about the homes we have available for you, give us a call today at 1-407-361-5604.