According to TIME Magazine, “In a new pole, 38% of Millennials say travel is part of the American Dream.” They also say that millennials consider owning a home much less part of the American Dream than the generations before them, i.e. Baby Boomers and Gen X. So it brings up an interesting concept, what if maybe you should buy your 2nd home, or vacation home, before buying your first primary residence?
From a traveling standpoint, it gives you the opportunity to have a vacation home whenever you want to use it, so you pick your ideal location. Also, if it is your property then you know the conditions of your accommodations are always going to be up to snuff for your taste. You get to pick the furnishings, décor and amenities to make your vacation home into your perfect retreat.
As a financial investment, there are also many upsides to owning a second or vacation home. Your vacation home is likely to appreciate over time, especially if you buy in areas that are likely to preserve their popularity. You can also generate investment income faster by renting out the home throughout the year when you are not occupying the space. Thanks to sites like www.vrbo.com and www.airbnb.com, it’s also easier than ever to find vacationers and renters to support the funds to cover your mortgage payments.
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