Written by: Buffini & Co
The benefits of a vacation home:
- Real estate is a great hedge against inflation.
- Reduced travel costs (no hotels or eating out all the time).
- Possible tax breaks (check with a financial professional).
- Building equity while working from paradise.
- Short-term rental income potential.
20% of Canadians work part-time from home.
Making the Dream a Reality: Owning a vacation home or second home might be more in reach than you think.
- Figure out your long-term career and lifestyle goals.
- Do your research (how it'll be used, local laws, services, amenities, etc.).
- Discuss financing options and tax implications with a qualified professional.
- Buy closer to home for easier getaways and maintenance.
There are more choices than ever before, whether here at home or across the border. Whether it's a lodge in the mountains, a cottage at the beach, or a cabin on the lake, a vacation home is a great place to build memories with extended family. It can also be passed down for future generations to reap the benefits.
Maybe sell your primary residence and transition to your vacation home full time. Or you figure out how to work part-time from paradise.
