The COVID pandemic has given us all extra reasons to want to escape somewhere new, more square footage, outdoor space, a new view. As a result, sales in traditional areas popular for vacation homes have seen a huge jump in sales activity. A recent Redfin report found that eight of the 10 U.S. counties that have heated up the most over the past year are home to popular vacation spots, including Lake Tahoe, Cape Cod, Palm Springs, the Jersey Shore, and Bend, OR.
So, what does that mean for you? If you’ve been on the fence about splurging on a vacation home you may want to consider taking the leap. Owning a second home in a traditional vacation area provides a lot of long-term flexibility. Let’s take a look at a few advantages.
You can make extra income.
Renting out your home can earn you extra income. According to Priceonomics, , Airbnb hosts earn on average $900/month and there are plenty of other rental websites to expand your potential earnings. Those sites include VRBO, Booking.com, TripAdvisor and more.
You have a cool place to visit
The biggest perk of owning a vacation rental is you get to enjoy it too! Spend a long weekend there to celebrate a birthday or other special occasions or just to getaway. Perhaps you plan to spend even more time there which makes it even more important to select a location you love.
You have a new nest egg or future retirement home
Just like a traditional rental property you can use the income from a vacation rental to subsidize your expenses for the home. Whether your goal is to use it strictly as a rental property or to retire there eventually nothing beats rental income to help you achieve your financial goals faster.
So, take a look at the listings on HighFlyre, do your research and maybe this will be the year you take the dive!
As a discerning host or a traveler, you may want an alternative to Airbnb or Vrbo that affords you the ability to travel or host based on your interests, family arrangement or other. Here we’ll explore several options.
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