Stop if this sounds familiar: Summer’s coming to a close, and you’re feeling wistful. The long, lazy days in your favorite vacation spot will soon be a distant memory. But then a wild idea comes to you:
If you just buy a place in your chosen getaway destination, the fun doesn’t ever have to end, right?
Before you drop a wad of cash on a vacation property, you should be certain that this is right for you. Oftentimes, people don’t realize the level of commitment – financial and time – that it takes. Check out some of the most common reasons that it may very well stress you out:
- Vacation homes often require a larger down payment.
- You might need special insurance.
- You’ll need to pay someone to be on speed dial – someone local to oversee the property for you.
- Routine maintenance costs time and money.
- Renting out your vacation home can actually cost you money – for instance: utility costs, lawn care, snow removal, pool maintenance; cleaning fees.
- You’ll spend a small fortune on furnishing and stocking the place.
Your passport could gather dust!