Why owning a vacation home has many advantages over renting one.
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It's that time of year again—the snowbirds are here in force! During this time, there is one question that I get asked frequently: “Should I purchase a vacation home or rent one?” In short, I believe there is a lot of value in owning instead of renting, and I’m here today to explain it all to you.
One advantage of owning a vacation property is appreciation. Homes have been appreciating by 20% every year in this area, and it could go down slightly, but overall the value of this investment is high. Also, renting a vacation home in this area is expensive—I’ve seen two-bedroom units on the beach rent for $4,000 a month, which is significantly more than what you would be paying for a mortgage.
"There are a lot of benefits to owning instead of renting here on the Treasure Coast."
Another advantage of owning is the tax benefits. Talk to your tax adviser about this, but there are things you can write off by owning a vacation property in Florida that will offset some of the costs. Plus, another way you can offset costs is by leasing it during the time of the year when you're not there. You can use sites like Airbnb and VRBO to do this.
The last benefit to owning that I want to mention is the return on your investment. You’ll get family vacations, the fun of having family and friends around, great memories, and relaxing times by the beach, all in a home where you can do whatever you want to.
Therefore, there are a lot of benefits to owning instead of renting here on the Treasure Coast. If you have any questions or want help finding a property to buy, I am here to help! You can call or email me anytime, and I would be more than happy to help with your real estate needs.