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Why a Vacation Home Is the Ultimate Summer Upgrade

Summer is here and that means it’s the perfect time to start planning where you want to vacation and unwind this season and in the years to come. If you’re excited about getting away and having some fun in the sun, our lakes, and trails, it might make sense to consider if owning your own vacation home in the Northwoods is right for you.

An Ameriprise Financial survey sheds light on why people buy a second, or vacation, home (see below):

Vacation destination or a place to get away from the stresses of everyday life (81%) – Having a second home to use as a vacation spot can be a special place where you go to relax and take a break from your daily routines and stressors. It also means you won’t have to worry about finding somewhere to stay when you go there.

Better weather (49%) – Buying in a place where there may be nicer weather can be a great escape, especially if it’s cold or rainy where you usually live. It lets you enjoy sunny days and warm temperatures, even when it’s not so nice back home.

Rental income (41%) – You can rent it out to other people when you’re not using it, which can help you make some extra money.

Primary residence in the future (33%) – You can eventually move into the home full-time during retirement. That means you can enjoy vacations there now and have a getaway ready for your future.

Having a venue for gatherings with family and friends (25%) – It would be a special spot where you can have parties, regular family trips, and create fun memories.

All the above reasons for owning a vacation home are common in our neck of the woods. Folks love to spend valued getaway time at their second home here. They can unplug if they wish, ground themselves, and enjoy the sunshine, along with the various activities here for peace, fun, and recreation year-around. Second homes provide a beautiful space for hosting family and friends while having nearby shopping, dining, and recreational opportunities to complement everyone’s desires.

Local weather here is not perfect, but we tend to provide great alternatives to the weather in other areas of the country. When it’s too hot elsewhere, we can get out and enjoy the woods and lakes in comfort. When the snow falls, we are typically well-suited for snowmobiling, skiing, and sight-seeing throughout the area. Allergy sufferers often get some relief here as well.

We have a number of vacation rental management alternatives in the area to assist you in generating some income from your second home when you’re not using it. This allows owners to spend a bit more on their purchase, knowing that rental income will help offset some of the costs of ownership. Others opt not to rent so that they can come and go as they please, without having the work to prepare and host paying guests.

When the time comes to retire, many are making the move to Northern Wisconsin and the Upper Peninsula. Even those years prior to ultimately retiring can be a time for remote work several weeks of the year at a second home. This gives buyers time to adjust and retire when the time is right for them.

Ways To Buy Your Vacation Home

And you don’t have to be wealthy to buy a vacation home. Bankrate shares two tips for how to make this dream more achievable for anyone who’s interested:

Buy with loved ones or friends: If you’re okay with sharing the vacation home, you can go in on the purchase price together and pool your resources to make it more affordable. Northwoods properties are often legacy investments that are enjoyed for generations.
Put a savings plan in place: This will require patience and persistence but consider adding a vacation home savings plan to your budget and contributing to it monthly.

We recommend that you review your finances carefully and look at the equity you now have in your primary home. There are creative ways to structure a purchase so that stress is minimized and your long-term goals are reached. Your Eliason Agent can recommend local lenders and share unique strategies to help you craft the most competitive offer and acquire the property that’s best for you.

Finding Your Dream Spot with a Little Help from a Realtor at Eliason

If the idea of basking in the sun at your very own vacation home sounds appealing, you might want to start looking now. While spring is a busy time for properties to hit the market, summer is when some Northwoods property owners are here and considering the option of selling. New listings are hitting the market every day and providing fresh options for buyers in the market.

Your first move is to team up with an Eliason Realty Agent. Our team knows all the ins and outs of the area you want to be in, and help you understand the pros and cons of options on the market currently. Plus, they can give you the lowdown on everything you need to know about having a second home and how it can benefit you. The same article from Bankrate says:

“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.”

Source: Bankrate

Bottom Line
If the idea of owning your own vacation home appeals to you, let’s chat.

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The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Eliason Realty and Keeping Current Matters, Inc. do not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Eliason Realty and Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.