Making a Vacation Home Work for You

Jennifer Jerina blog, Home Buying Tips, Homeowner Information Leave a Comment

Summer is in full swing and that would usually mean that Florida would be in prime vacation time. However, the last 18 months has changed the way a lot of us think about vacations. Because so many can work and do school virtually, people are traveling more and for longer periods of time. Rather than looking into hotels for these more frequent and extended stays, many people are turning to short term rentals through sites like Airbnb and VRBO. These sites allow you to visit a new area while still maintaining a lot of the creature comforts of home. There is usually more space to spread out and, because many have full kitchens, there is less need to go to crowded places for every meal. This new vacation lifestyle has caused a dramatic increase in the amount of vacation homes being purchased. In 2020, according to NAR, vacation home sales rose by 16.4% compared to the 5.6% growth in total existing-home sales overall. Vacation home sales have continued to pick up during the first quarter of this year, rising by a staggering 57.2%, more than twice the 20% growth that was seen in total existing-home sales during the same period. Vacation home sales during this time represented 6.7% of total existing home sales, a percentage that was only 5% in 2019.

The idea of investing in a vacation home of your own is more appealing than ever, especially with the potential for some of your costs being offset by seasonal or short term rentals when you aren’t using it for your own enjoyment. In order to ensure you are purchasing a property that will suit your situation, it is important that you work with a REALTOR. A REALTOR will know zoning restrictions and where the local hotspots are to help make sure you make a wise investment.

 

Call our office today at 772.234.1111 and we can help you find a RE/MAX agent in the area you are interested in.

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