When some people think of a vacation home, they picture a place where they’ll spend all summer. After some research, with the right funding, and following an examination of the real estate market, it may behoove you to consider the purchase of a Bergen County vacation home for any time of year – not just summer.
Naturally, a decision such as this comes with significant financial and personal commitment. At the same time, you will be paying off two mortgages. So, considerable preparation and research will be required. Purchasing a vacation home can, nonetheless, be particularly enjoyable and appealing. The benefits can be both financial and personal.
Let’s look at some of the reasons why investing in a Bergen County vacation home might be a good idea.
You Always Have a Place to Get Away from It All
Whether you choose a property in the country, on a lake, near the beach, or what have you, whenever you need to get away from it all, you’re always going to have a place to go if you invest in a vacation property. The money you won’t spend on a hotel will come in handy in numerous other areas.
Retirement Planning
You can enjoy saving a lot of money when you retire by selling your current home and moving into your vacation home. For one thing, your mortgage debt will be reduced. Toward the vacation home mortgage, you can apply the money you get from the sale of your current home. Retiring in your vacation home will also make the transition easier because you’re already familiar with the surroundings.
Second Homes Are Nice
We all need a “home base”. That’s your current home. But with a vacation home, you have a second option – which is always nice. This second “home base,” where you also have roots, is a special location where you can enjoy a peaceful getaway, create new traditions, and host loved ones.
Tax Breaks Capitalization
Depending on your circumstances, your largest tax break may be your home. This can also apply to a vacation home! If, rather than using it as a rental property, you use it as a second home, your property taxes and interest might be tax-deductible. Check with a professional.
Increase Home Equity
The value of homes and the housing market fluctuate. Though a huge payoff in the future – should you sell your vacation property – would be nice, don’t count on it as the reason for purchasing a vacation home. However, your vacation property is likely to appreciate if the location in which you purchase it is vibrant.
To assure yourself that a smart investment is being made, housing factors like the following should be researched:
- Restaurants in the area
- Highway access
- New home construction
- Price trends and more
Rental Income
When you’re away from your vacation home, you may decide to rent it out. This would provide you with another source of income. But, there are ups and downs to this option. While the second source of income is highly enjoyable, the damage that might be done to your property by a renter is something to think about. Make sure you require some type of security deposit, and it’s enough to cover any damages that may typically occur.
Also, ensure there aren’t existing conditions that would prohibit you from renting the property (examples would be HOA ordinances or local rules and regulations).
NJLux Real Estate Can Help You Find Your New Bergen County Vacation Home
Would you like to purchase an extraordinary Bergen County vacation home? If so, I can help – my name is Joshua M Baris. Of all licensed-in-New Jersey real estate agents, you’ll find me ranking in the top 1% thanks to my marketing techniques and more.
I’d like to be your source for Bergen County luxury homes for sale and luxury real estate/New Jersey listings.
Let’s talk about real estate! There are numerous ways to get in touch. Call me at 201-771-1969 or email me at josh@njlux.com. You can FB message me at m.me/njlux or, if you choose, open the lines of communication by using my website’s convenient online form.
