MANILA, Philippines – Everyone wants a haven to escape to. But there are many things to consider before buying a vacation home. You should ask yourself why you want it in the first place. Do you want to have your own vacation home away from the city or do you want to rent it out for additional income? Can you afford one? Can you maintain it?
According to Claro Cordero of Jones Lang Lasalle, a professional services and investment management company specializing in real estate, vacation homes are now sold between P8,000 to P20,000 per square meter for lots and P60,000 to P100,000 per square meter for condominium units.
Choosing the location of these properties should also be a top priority. Since it will be your second home, you’d want the environment to be the complete opposite of the busy city. However, it should still be convenient and should be near commercial areas. It should also be safe and not within disaster-risk zones.
When you choose wisely, you'll have a home that doubles as your quick escape for your family and friends or even just for yourself, where you can be stress-free and have time to focus.
Here are 4 reasons why a vacation home may be right for you.
1. Your own private vacation space
UNWIND. Sit back with your favorite drink in hand and just take it all in.
Sometimes you just need peace and quiet, or maybe some inspiration to keep you motivated. A vacation home allows you some much needed me time.
But before purchasing your vacation home, visit the actual site and see how well you get along with your neighbors, if any. If you already feel relaxed during the ocular, then it may already be the perfect place.
A vacation home can also be used by the entire family. Your children can have some friends over or you can invite your friends for a quick vacation. No need to book hotels or rooms for the night. You can have a party or a small get together in your home away from home.
Your children will also have something healthy to do like hiking and swimming instead of watching TV and playing video games.
2. A retirement option
ENJOY YOUR HARD EARNED MONEY. Preparing for retirement should also include the place where you'll be retiring.
You may be at that point of your life that you want to focus on yourself and on your family. No more deadlines, meetings and hectic schedules to think of.
When you decide to retire, you would want a sanctuary, where you can enjoy the view of mountains and the cool breeze from the sea.
Your vacation home will always be waiting for you. Finally, you can sit back, relax, and savor the benefits of your hard work. This is your reward.
3. Respite for the frequent traveler
There are people who just want to pack their bags and go. Having your own vacation home is hassle free when you decide to go away for the weekend. No need to book rooms, find places to go, or what activities you can do. (WATCH: Make your way to paradise.)
4. Additional income
EARN FROM YOUR INVESTMENT. Have your vacation home rented out for a long term deal or even just for the weekend.
Your new purchase has been made and now you want to find other ways to earn from your new investment. Have it rented out on days or months you don't use your vacation home for additional income.
People may say that it won't give you high returns as compared to investing in a home in the city, but keep in mind that your primary reason for buying it is as a vacation spot or second home for yourself. You rent it out so that you can also benefit from its value.
You will have an easier time to rent out your vacation home to those who may want to have a beach house for the weekend or maybe even as a home to live in for a couple of months.
You may have to spend for its upkeep to make it available for renting immediately and ensure your home is kept clean and safe while you're in the city tending to other responsibilities. It's an added expense but only to your advantage.
Buying a vacation home is a long-term investment. This is a home that you may be passing on to your children and grand children.
If you aren't sure about the location or even owning your own vacation home, then you can rent it out for a while to feel it out. Make sure that it isn't susceptible to disasters and has a great view. Also, take care to find out if you get along with your neighbors, and that you’ll have use for that home in the future.
Finally, do your research and ask help from licensed real estate agents. This way, when you decide on that vacation home, you are assured that it is a good investment. – Rappler.com
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