As you get a bit older, it may be worth considering the purchase of a vacation home. Having a consistent place to stay on weekend trips or long stretches of time off can make planning vacations much less stressful. Best of all, a vacation that you don’t have to plan is more likely to be a success, according to a recent New York Times article. Florida is one of the prime destinations for any vacation, and there are dozens of reasons to consider buying a vacation property in the state—here are just a few of them.
The real estate market is ripe
If you’re already a homeowner, buying a second property is a great way to leverage your assets and invest in something that you still enjoy and use every year. Another benefit of purchasing a second home is the opportunity to refinance a home loan in order to help cover a portion of the down payment, helping you use your current equity to finance your vacation dreams. Although the median home value in Florida is an attractive entry point in the $200,000s, property website Zillow still classifies the real estate market as hot. Homes in Florida are up an average of 5% over the past year, with the forecast continuing to predict steady growth. This means it’s never been a better time to get in on the ground level, especially if you’re interested in buying a vacation home anyway.
Great vacation attractions nearby
Florida is a famed destination for vacations, meaning that you’ll never grow tired of taking a vacation to the “Sunshine State.” Popular amusement parks like Walt Disney World and Universal Studios are always adding new attractions and rides to their parks, offering a reason to return to your favorite theme park every few years. There are also plenty of outdoor activities that could take a lifetime to complete. On your next trip, consider parasailing near West Palm Beach or taking surfing lessons in the Gulf Shore. Golfers and beach-lovers also find themselves very much at home when vacationing in Florida, with plenty of areas to spend a day in the sun reading, relaxing, or perfecting your backswing.
Make money renting out your property
Thanks to technology, monetizing your vacation home has never been easier. Vacation properties don’t just have to have personal benefits when you visit them, since you can list your property on websites like Airbnb and VRBO to begin renting out your home to other families and individuals when you’re not planning on using it. These platforms are great for anyone new to rental management, as they come complete with ways to vet your potential renters. Also, it’s simple to make sure that your rental is seen by the right audience by writing up a glowing ad and sharing images that show off the best your property can be. Everything is incredibly user-friendly, and both websites have support staff on hand to help you at any step of the process.
While vacation homes are generally purchased with recreation in mind, it’s also worth mentioning that Florida’s popularity as a retirement destination makes getting another home there now an attractive proposition. One factor contributing to Florida’s attraction to retirees is the lack of a state income tax, which means that any revenue you gain from Social Security checks or your own 401k account isn’t taxed. This enables you to continue making the most of your life, and with a solid vacation home to convert into your primary residence, you’ll be able to take even greater advantage of all that Florida has to offer.