Any other real estate article would probably ask you to look at your needs: this one will not. Vacation homes are pretty much the end-goal of anyone who wants to achieve a certain level of financial success. They are most definitely not a necessity; on the contrary, they are undoubtedly a luxury. Vacation homes are luxuries, however, that any warm-blooded yuppie, businessperson or family-oriented bloke should be going for.
Consider not your needs nor your financial capability (since you probably won't be looking at this article anyway if you couldn't afford to buy a vacation home), but keep desire in mind. What is it that you want from your vacation home? Is it simply an avenue of your isolation from the hustle of the career world? Or is your vacation home a symbol of your success, your reward for all the hard work that you've accomplished so far? Chances are you already have something in mind.
It might be something beside a lake, or perhaps a beachfront property, or perhaps even somewhere out of the country. All that matters really is that you live within your means. With the decision to purchase a vacation home should come the assurance that you won't go bankrupt because of it. I mentioned earlier that you are already most likely able to afford your dream vacation home, but I find that my happiest real estate buyers are people who have 150% or more of the property's value in their bank accounts. One must still realize that a vacation home is still real estate, and real estate still is a huge investment. As an investment, depending on how high property value is in your location of choice, vacation homes represent a significant part of the real estate market. It will, however, take some time make said investment mature, considering the country's current economy. Hence selling it for a modest profit might take longer than expected.
Take into account that this prospective property might end up as your retirement home, so be sure that you will be able to live with that decision. The considerations of proximity to hospitals and commercial centers therefore come back into play. A vacation home doesn't necessarily mean a vacation from basic necessities. All in all, however, one should not ever stop herself/himself from making the purchase that might be the culmination of his/her entire career, only and if only you can afford it.
Martin Wynn
