If you really like going to the beach during the summer months, then buying a condo that faces the ocean will make you infinitely happy. For others, vacation homes for sale that are located on secluded wooded lots have the ultimate appeal. Your dream vacation home might be out in farm country or be situated in a fast-growing metropolis, but you also have to think about sales prices and upkeep if you are looking to make a long-term investment. Here are four options for purchasing vacation homes for sale that will allow you to maintain a balanced budget and enable you to sneak away for the weekend on a whim.
1. Timeshares - You can pay off a timeshare early but know that you will never actually own the property that you spend your vacations in. In short, timeshares are a type of travel investment that allows people to pay a set amount of money in exchange for a yearly vacation stay in a nicely maintained home. Timeshares can enable you to spend a week or two in a vacation home in Miami, Los Angeles, or Aspen, for example.
2. Co-ops - When you rent an apartment you are subject to rental increases, and you won't get any financial incentives if you decide install new wall-to-wall carpeting or put down crown molding. When looking at vacation homes for sale you should keep your eyes open for co-ops. Most co-ops have the same structural layout as apartments, only they are can be purchased outright and you can likely rent them out to tenants when you don't want to stay in your vacation home.
3. Condos - Condos are one of the most low maintenance varieties of vacation homes for sale as there is maintenance on site and groundskeeping is almost always taken care of by professional landscapers. When choosing vacation homes for sale you should think about how much you are going to pay in property taxes and even energy bills as your property has to stay well maintained even in your absence. If you want a type of vacation home that will increase in value and potentially bring in a rental income, condos are a great buy.
4. Vacation Homes - Families looking for vacation homes for sale that have enough space to accommodate large groups should primarily stick to houses. Even if you pick a vacation homes that has two or three bedrooms, you can easily add a sleeper sofa in the living room and put trundle beds in every bedroom. Detached vacation homes have higher maintenance costs, but then they can also be rented out to other vacationers for more money as well.