My wife and I have always thought about what it might be like to own a vacation home. We have friends that have been able to pull it off from both a financial and usage perspective.
HGTV host Matt Blashaw provides some insight into how to potentially make a second home a reality in this Business Insider article. Caution even Blashaw that it’s not quite as easy as it sounds, especially if you’ve never undertaken a renovation. Below are a few of Blashaw insights;
Being able to do the work yourself is a huge plus and can make the dream more of a reality (personally I am not that skilled with it comes to these things). But at the end of the games it comes down to does the math add up and are you using realistic assumptions when it comes to expenses and rental income potential?
- Buy in a popular location
- Choose a town that’s relatively easy to get to
- Do the math; your vacation home isn’t free if you’re not earning enough to offset the money you put into it.
- Don’t think you have to renovate the whole place