Vacation property has never been more popular. In 1995, the American Resort
Development Association, a Washington D.C.-based trade group,
found that thirty-five percent of households felt they would probably
purchase recreation property within the next ten years. This figure is up from twenty-six
percent in 1993.
It is easy to understand why we desire such an escape. In our hectic and
harried modern lives, we all dream of a spot,
however modest, where we can "disappear" on weekends or a few times a year to relax,
gain some perspective, and regroup for the busy week or season ahead.
Something about a second home changes us when we are there.
In different surroundings, we are willing to try new things, to break free from our daily routine and explore.
We turn off the nonstop demands of business and home to
sit in the shade and forget every responsibility. We try a new sport, read a novel, or sip lemonade on the front porch.
Although there are financial investments that will earn more for your initial investment dollar, the lifestyle equity a vacation home offers is unbeatable. With only a small down payment, you can create an oasis for family holidays and relaxing memories... then pocket the profit when you eventually sell. Your second home may even be so perfect for your lifestyle that you choose to pass it on to future generations as part of your estate.
Remember, a vacation home should be purchased for recreation and personal
enjoyment first. Appreciation of the property is a secondary benefit.
This is a great time to buy a vacation home. Prices in some areas have been down for several years. Couple that with the burgeoning demand for resort properties, and you have a unique window of opportunity.
More and more Americans have been buying into vacation communities to live there full time. Retirees, telecommuters, and workers willing to commute to live in a resort area reduce the number of existing resort properties coming onto the market.
Baby boomers are leading the race to improve their quality of life. Folks in their 40's and 50's, with older children or kids already out of the house, comprise the primary buyers of vacation property. The fact that there are 80.5 million boomers has developers and real estate agents grinning about the coming years of second-home buying. This trend could also create a mad scramble for resort properties.
Environmental controls in scenic communities are limiting new building and creating local land banks. Vocal and politically-active locals guard the beauty of their hometowns.
Nice mountain, beachfront, and lakeside communities are limited. Many desirable resort areas are filling up fast, leaving builders to create new ones in areas that are wary of unrestricted growth. America is blessed with plenty of land, but not an inexhaustible supply of resort areas.
Now you are ready for the next step: Where and What to Buy for your ideal vacation home