Who can’t use a little time off now and then? Vacation time is not just a reward for hard work and otherwise unending repetition of day-to-day obligations, it’s also widely recognized as a necessary relief valve -- a break from the stress of today’s hectic schedules. Vacations, long or short, take us away from our hectic routines. Vacations serve the purpose of breaking up the monotony of the daily grind – bringing fresh perspectives that convey renewed energy and creativity to our businesses and even relationships.
A week at the beach; a couple of days fishing over a weekend; simply spending quality time with family and friends in vacation homes set along the Maine coast, one of our pristine lakes, or even a ski resort – all can serve a valuable purpose. Not to mention just having fun and cutting loose!
Whenever we plan a break away from home we can find a broad choice of hotels, inns, condos, and vacation homes for rent. It is that last choice that’s often overlooked, but for those who have managed to invest in a second home near an attractive vacation destination, there are significant savings beyond the hotel and restaurant bills! And with today’s historically low interest rates and rock-bottom sales prices, there is good reason to argue that there has never better a more opportune time to buy a Maine waterfront property or vacation home! Just ask Warren Buffet …
One reason that financially savvy families are beginning to pay attention is the considerable impact owning Maine waterfront property or a vacation home can make on reducing retirement expenses. Writing in Interest.com, author Stef Donev points out, “By starting early, you're building equity and reducing your mortgage debt on your…retirement residence. When you retire, the profit from your current home might even be enough to pay off the mortgages on both.”
While having a second home can have significant tax and other financial advantages, what can be even more appealing is the desirability of owning vacation homes at the ocean, lake or even at one of Maine’s premier ski resorts – especially for those who vacation at least once a year. Many owners of second homes in Maine real estate actually reverse the cash outflow of their vacation home into a positive passive income stream by renting it out when they aren’t using it! By hiring a property management team to take care of the reservations and maintenance, they generate their own passive income and eliminate handling the property upkeep themselves.
If you are newly considering the pros and the cons of purchasing a second home in central or southern Maine, please contact me at (207) 689-9880 or homes@TanyaB.com. We can run the numbers and talk about ways to go about finding a terrific Maine waterfront property or home or condo at a ski destination or golf resort that are available at deep discounts.