Should You Buy or Rent a Vacation Property

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Creative Commons License photo credit: lrargerich
Deciding whether you should buy or rent a vacation property depends on many different factors. First of all, you should think of how much time you are going to spend at that vacation property? If you visiting a certain destination and absolutely fell in love with it, then buying a vacation property may be a great option. However, if you are the type of person that likes to travel to a different destination every time you go on vacation, then renting a vacation property may be the best option.

There are many advantages of owning your own vacation property. You will have your own place to get away to, no matter when you are looking to travel. You will no longer have to worry about booking ahead of time so you have a place to sleep while you are on vacation. The hassle of finding a clean and suitable place for you and your family will no longer be an issue. Also, when you are not using the vacation property you could rent it out for extra income.

However, with the advantages there also comes disadvantages. You will most likely go to the same spot every year for vacation since you own a vacation property. If you choose to rent out the property during the times you are not there, you will need to worry about cleaning services, utilities, finding renters, and so forth. Lastly, if you don’t rent out the property you will be wasting months of money paying the mortgage, without the home being occupied.

Like owning a vacation property, there are many advantages of renting one as well. If you rent a vacation property you will only have to pay for that period of time, you will not have to worry about furnishing the property, you will be able to visit different destinations every year, and you will not have to worry about paying another mortgage on a property you don’t stay all year round.

There are also disadvantages, such as looking for the right rental property each time for you family to go on vacation, not having a place to go away whenever you want to, and putting a large sum of money down for just a weeks worth of time.

As you could see there are many advantages and disadvantages for both options. One needs to see which one best suits their needs in order to decide whether they should buy or rent a vacation property.