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A Season to Buy
Why Now Is the Right Time to Make Your Vacation Home
You've been kicking around the idea of buying a vacation home for quite a while now. A few years ago, it seemed like a great idea. The real estate market was hot, hot, hot and properties everywhere were appreciating rapidly. Getting a good return on your investment felt like a sure bet. But now, things have cooled off considerably. With home sales slowing across the nation, and interest rates poised to rise, your enthusiasm is waning. But don't shelve your vacation home dream just yet.
According to Christine Karpinski, now is actually the perfect time to take the plunge. "It's true that the real estate market has stabilized, but that's a good thing," says Karpinski, director of Owner Community for HomeAway.com and author of How to Rent Vacation Properties by Owner: The Complete Guide to Buy, Manage, Furnish, Rent, Maintain and Advertise Your Vacation Rental Investment (Kinney Pollack Press, 2004) and Profit from Your Vacation Home Dream: The Complete Guide to a Savvy Financial and Emotional Investment (Kaplan, 2005). "It's actually an easier leap of faith to buy when the market is normal than to buy when real estate prices are going up 10 to 20 thousand dollars a month."
There are several reasons why now is a good time to buy a vacation home. First, says Karpinski, we're in a buyer's market. Because houses aren't flying off the shelf, there's less pressure on you to make a quick decision. You can afford to take your time, do your research and refine your plan.
Second, more stable home prices usually mean more stable property taxes and insurance costs. That's good for your bank account over time (and Karpinski believes buying for the long haul – i.e., not to turn a quick buck – is the smart strategy).
Want to see more?
- Home Away from
Home (Really!): 9 Reasons to Go the Vacation Rental Route the Next Time You Travel - Life, Liberty, the Pursuit of Happiness – and a Vacation?: A 3-step Plan for Breaking the Vacation Entitlement Mindset
- From Roughing It to Four-star: What Are the Costs of Family Vacations?
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