Renting a vacation home in one of the many vacation destinations along both the North and South Carolina coasts is a dream for many people. The coast has long been a destination for annual events, weddings, summer getaways, bachelor and bachelorette parties, and nearly everything in between. With coastal charm, beautiful weather, and plenty to do, it’s easy to see why so many people flock to the east coast to vacation, but is renting a vacation home really the best option? Have you ever wondered if buying a vacation home here is a better choice?
Why Buying a Vacation Home Might be Better Than Renting One
Rental Potential
It might seem like buying a vacation home is way more expensive than just enjoying a rental here and there, and while you aren’t “wrong” surprisingly, owning your own vacation home might make more financial sense than continuing to rent one. The biggest perk to purchasing a vacation home is the rental potential it provides.
Instead of spending thousands of dollars each year on rentals, you can simply enjoy your vacation in your own home without the high cost of a rental. While you will still be responsible for the mortgage and other associated homeowner costs, this doesn’t mean you won’t be potentially putting money in your pocket. How? Simple! Rent the house out!
The demand for vacation rentals along the east coast is high, meaning that the potential for rental income is also high, and oftentimes, is far more than the mortgage on the house, thus creating and addition income source in addition to covering the cost of the house itself. Whether you choose to do longer rentals and use the time between leases for your own enjoyment, or you plan for shorter weekend style rentals, the sky is the limit, and you can tailor the rental options around your own vacation times to ensure that the home is open and ready for your family to enjoy.
Home Away from Home
While many rentals are stocked with all you need for the perfect beach vacation, there still aren’t “home.” Owning your own second home and using it for your vacations truly allows you to relax and feel at east. From purchasing a home that fits your exact wants and needs, to décor, what games are in the closet and more, there is something special about being “home” while on vacation.
Long Term Financial Goals
Generational wealth is a term you’ve likely heard, and now more than ever, it’s something that the current generations are trying to create for the younger and future generations of their families. By purchasing a second home and using it as a vacation home, you are not just creating rental potential and having a place to enjoy a few weeks out of the year, but you’re contributing to the generational wealth of the younger and future members of your family. As the real estate market grows and evolves, so will the value of your home, thus creating equity in addition to the rental income, helping to set up your family for financial success in the future.
The world of real estate investing can seem daunting, however, with the right agent by your side and a little research, owning a vacation home is not just achievable, but feasible. Whether you’re a seasoned investor, or you’re looking for your first rental property, feel free to contact our team today and we would love to help find the perfect home along the coast of the Carolina’s for you, your family and your friends to enjoy for many years to come.