The boom in vacation properties is just beginning. It appears to be a strong real estate trend in the coming years.
There are two main reasons for this trend. First, people born in the 1940s and ?50s are now looking toward retirement and are financially able to own a second home. As they live longer, healthier lives and stay active, many are choosing vacation homes near ski slopes, golf courses, or water-sport areas.
The other reason for the growth in the vacation market is money. Many people have refinanced loans and taken the equity from their primary residence to purchase a vacation home. Owning a second home appeals to some people as a safer investment than the stock market.
Here are some tips to help you select a vacation home:
* Buy a home you are going to use in an area you enjoy visiting. If it is too far away or inconvenient to travel to, you won't go often enough.
* Choose a location with a variety of indoor and outdoor activities for when the weather turns bad.
* Research locations and visit destinations, preferably in different seasons.
If you're thinking about buying a vacation home in Palm Beach, make sure to take care of the points made above. The market for Palm Beach real estate is finnicky and the devil is definitely in the details. After talking with many a Palm Beach realtor, it is clear that the difference in making a fast sale and staying on the market for a while is the small fixes that svae lazy buyers from doing it themselves.
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