Shabby Chic Boho Investing in a holiday home is a reality for many Americans. In fact, second homes are becoming increasingly common, accounting for around 6.5 million properties across the United States, without mentioning properties in overseas locations. Needless to say, states like Florida are by far the most popular choice when it comes to where Americans choose to have their second homes.
The truth is that there are many reasons for buying a holiday home, and therefore, their versatility can make them a wonderful investment for a variety of people. So, if you are considering a holiday home, here are some thoughts to get you started.
Why Americans Buy a Holiday Home
As mentioned, there are many reasons behind the purchase of a second home. In many cases, the holiday home acts as a personal retreat, avoiding the stress of trying to find accommodations when you travel. This could be a weekend property for a home away from home.
But not everyone buys a second home for the family only. They can be turned into a source of passive income. When you are not using your property, you can rent it out. Even if you only open renting for short periods throughout the year, in a desirable location, it can be very profitable. For instance, this can be a great wya for the property to pay for itself.
Besides, it can become a long-term asset, which can be a retirement spot in later years, or even an asset to pass down to children.
Where to Buy a Holiday Home
For a lot of American families, holiday homes are often in popular resort areas, as they are next to built-in attractions, whether ski slopes or beaches. As rental opportunities, they can drive high revenues during high tourist seasons. However, you’d want to check how the resort areas feel outside of tourist seasons, as this may affect long-term investment.
More and more investors are looking for exotic locations. In fact, there are many international locations that are popular for holiday homes, such as the Dominican Republic and France. The good thing about international homes if that they make attractive rentals throughout the year, as more and more tourists are booking for off-peak trips when flight prices are lower.
Alternatively, remote countryside properties are always a winner for those who seek quiet, rural retreats away from the stress of the big city. Beware though as these often swap the comfort of modern living for digital and urban detox peace.
How to Sell Your Holiday Home
In popular locations, you may be able to sell your holiday home at a high price, but it can take some time. Holiday home buyers often take the time to compare locations and property values, so it is a slow process.
If you are in a hurry and wondering, “how can I sell my house fast?”, the best approach is to avoid traditional channels. Reaching out to cash buyers will be the quickest way to sell a holiday property, often in a matter of days.
In conclusion, investing in a holiday home can be a smart decision for a lot of American families. However, these properties also require strategic management to remain valuable. So, when it is more effort than it is worth, it may be a good idea to get rid of your holiday home until the market becomes more beneficial again.
Featured image: Unsplash – CC0 License
