Primary Residential Mortgage, Inc.
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According to studies, prices across all states like Texas is almost the same or even lower than their five- year lows. Prices have even gone down to 30% from their previous prices. This may be the best time to consider getting a vacation home. But having a vacation home is not just all fun and relaxation. Just like everything else, having a vacation home also has its pros and cons
Advantages of Having a Vacation House
Just like your primary residence, the interest on the mortgage and the property taxes can be fully deducted from your gross income if you charge rent for less than two weeks per year. That’s why a lot of people who own vacation homes would like to keep them unoccupied when they’re not using it.
Source of Income
Having your own vacation home can be an additional source of income. Rental fees may vary depending on the season and the location’s popularity. If it’s at its peak season, the weekly rental fee can be equally or even greater than the house’s monthly mortgage payment. This will allow you to break even the annual occupancy rate of 30% of the property’s cash flow.
You can store some of your items what you need for travel and packing at your vacation house. It will be very convenient enough if you have a place where you can keep some of your things when you travel. This will be much less of a worry when you pack your things and would arrive at the same time as your flight.
Disadvantages of Having a Vacation House
Initial Cost of Purchase
Most new houses that are for sale nowadays have very limited space. So getting a vacation home, which usually has a lot of furnishings can be even more expensive. Some of the vacation houses in Dallas may even be priced higher than your primary home.
Just like your primary home, a vacation house also needs some maintenance. Since you don’t get to visit your vacation home a lot, there’s a chance that that some of its parts aren’t in good condition anymore. A broken pipe or even roof leaks can cause a huge damage to your house.
Most vacation houses are located far outside the suburbs, which may require you some long trips or even airline flights. So if you’re planning to get a vacation house outside of the country, try to stay for longer periods of time if possible. This will at least make you feel that all the money that you spent for is worth it.
These are just some the things that you have to consider if you’re thinking of getting your own vacation house. Just like everything else, it has its own pros and cons. You just have to weigh those things to help you decide.<< Back to the list.