Have you ever dreamed of owning a vacation home? Imagine packing up the kids on a Friday afternoon after a long week and escaping to your own beach house. Or what about your own mountain cabin where you can ski or snowboard to your heart’s content?
Owning a vacation home isn’t as lofty of a goal as it seems, and definitely not reserved just for the rich and famous. In fact, owning a vacation home may be more affordable today than ever. That’s because websites like AirBNB and HomeAway have made it easy to rent out your vacation home when you aren’t using it. This can offset a portion, or in some cases, all of your monthly payment.
Here are some practical steps to determine if owning a vacation home is right for you.
Talk to a Financing Expert
Obviously there is nothing relaxing about a vacation home that feels like a stretch financially. Talk to a financing expert to review loan options and your current monthly budget. How realistic is a vacation home right now? How much vacation home can you afford? Beyond qualifying for the loan, think about your own personal financial comfort level.
Choose a Location
Where do you want to build your vacation home? Use our Local Land Search tool to find available land within your budget and the area where you want to build. Remember that location is important to potential renters; premium locations demand a higher price.
Research Rental Rates
Once you’ve chosen an area where you want to build search vacation rental websites to get an idea of how much similar locations rent for. Look at both cost (nightly or weekly) as well as the availability calendar. Are vacation rentals in the same area in high demand and booked up months in advance? If the area where you want to build has too many similar rentals you may have a harder time renting your home out as often as you would like.
Customize a Floor Plan
We offer dozens of custom home floor plans that you can browse online and lots of ways to customize each one. When searching for a floor plan, think of design that is suited specifically for vacation homes. For example, a home with a dual master suite might be great for couples. A home with additional storage in the garage is the ideal place to store your skis during summer months (no more hauling ski gear back home).
What does your vacation dream home look like? Why not make it a reality? Download our free Design Guide to start planning your own vacation getaway. Then bring your ideas to one of our Sales Centers where a Home Ownership Counselor can help you design and build a vacation home where you can build a lifetime of memories.
Questions? We love to help! Contact Dara by Live Chat.