Even when you have children it’s pretty likely that you go on a family vacation each year, or at least once in awhile. It may be prudent and cost effective to consider investing in a stationary vacation property while your children are young if it’s something you can afford right now. It’s a wise option if a vacation home is something you’re going to want after you retire and the market for buying a home is currently a good one.
One people “fly” south for the winter, especially those that are retired. Having a vacation home now guarantees you have that place to escape to later in life, and it also ensures you have a vacation place to go to each year prior. If you don’t like letting it sit empty for the majority of the year you could always rent it out as a timeshare when you don’t need it.
One of the biggest decisions to make when it comes to your vacation property, especially if it may be your retirement home, is where to get it and what type of place to get. Retirees like states like Florida and Arizona, where the weather is warmer more months out of the year. Consider purchasing a condo, which will give you less maintenance work to do when you’re not around (and even once you move in).
Spring Break With The Kids
One great reason to invest in that vacation property now is that you will have a great place to take your kids on vacation. Plus, when they reach senior year in high school and want to spend spring break with their friends, you’ll instantly have a safe place for them to stay (raise them well and they won’t trash the place either).
A Place For Time Away
There may also be times while your kids are still at home that you want to take a vacation without them (there’s nothing wrong with that). Having your vacation place while they’re young allows you a chance to get away while they’re at camp or while they’re shipped off to their grandparents.
Dealing With Empty Nest
And, once the kids are grown up and moved out you’re definitely going to have more time to get away, so why not have a nice place to get away to? It’s much easier to deal with empty nest syndrome if you have someplace fun to go.
So, yes, it’s definitely a good idea to invest in a vacation property that you may move to when you retire long before you get to the age of retirement. If you can afford it, it would be silly not to! And it gives you a place to get away, with or without the kids anytime you’re free and in need of a vacation.