Pros and Cons of Owning a Holiday Home
The decision to buy a vocation home depends on individuals. But it is observed that many people have made fortune while investing in vocation homes whereas others have lost their life savings. This is because buying a holiday home is bit different than buying a town home. There are many things one should consider before making the right move. Here are the pros and cons of owning a holiday home.
ADVANTAGES of Buying a Holiday Home:
Rent Free Holidays
The first advantage of owning a holiday home is the perk of rent free vocations. Many people miss the trips of their dream destinations because resorts and hotels are already booked during peak holiday seasons. But people who own holiday homes are stress free as they can arrange tours whenever they want. At the same time they save rent money that is used on various recreational activities.
Quality Time with Family and Friends
The second advantage of owning a vocation home is that you can spend quality times with friends and family. Life is very busy and hectic in urban areas. At the same time people spend less time with family members due to busy daily routines. But during holidays people spend quality time with friends and families and that too without the interference of other people.
The third advantage of owning a holiday home is that it offers many facilities. Due to high population density and shrinking home sizes in our cities, it’s hard to find space for a garden, BBQ or swimming pool. But holiday homes have lot of space for different recreational facilities. You can build a badminton or tennis court, garden, pool and BBQ area in your vocation home.
The fourth advantage of owning a holiday home is that it can generate constant stream of income. Usually people live in vocation homes for few weeks every year. So the homes can be rented out to the holidaymakers. Most people who own vocation homes have hired the local real estate agents to rent out their homes. This not only helps them in maintaining the homes but also in paying mortgages.
DISADVANTAGES of Buying a Holiday Home:
The first disadvantage of owning a holiday home is that there is less choice of tourist places. Most holiday makers love to explore the new tourist spots. This gives them the exposure of different regions and cultures. But people, who own holiday homes, visit the same place again and again which is a very boring experience. Therefore owners of vocation homes have low variety in term of tourist places.
High Maintenance Cost
The second disadvantage of buying a holiday homes is the high cost of maintenance. In addition to the purchasing price, buying a home has hidden costs too. These costs are regularly paid for repairs and maintenance. Maids are required to upkeep the holiday homes. At the same time homes located on hillsides or seafronts need regular repairs because of extreme weather effects.
Low Resale Value
The third disadvantage of owning a holiday home is the low selling price. This is because vocation homes attract few buyers. Most holidaymakers prefer to rent the hotels or resorts. Even people who want to buy homes on hill stations or beach areas have own choices in term of design and style. The low resale value of holiday home makes it a bad investment.
High Risks of Natural Disasters
The fourth disadvantage of buying a holiday home is the high risk of natural hazards. Hilly areas are prone to earthquakes, land sliding and storm water runoff. On the other hand coastal areas are more prone to floods. These natural disasters have destroyed many homes while killing the residents. This is one of the reasons that people avoid to buy these homes.