It’s a great time to enter the vacation home marketplace and if you are in the market for a second home then you should consider putting Smith Mountain Lake at the top of the list. Most that visit our gorgeous lakeside community fall in love only to return again year after year for vacations or for the lucky ones even moving here as full-time residents.
Vacation Home Buying vs. Renting
Trying to weigh the pros and cons of purchasing vs. renting a vacation home? While they each have their own advantages, there is something to be said about having a place of your own, an investment opportunity and being able to come and go as you please in a place that has your own personal tastes infused. But it’s always best to speak with your accountant to figure out what scenario of owning a vacation home is right for you.
By purchasing a second home you are presented with a unique vacation opportunity and the option of retiring to a place you love. You are able to establish community ties while visiting SML and when you move here as a full time resident later on, your transition will be smooth. Basically by having your own vacation property you get to have a trial run to see if Smith Mountain Lake is the place that you want to spend your golden years of retirement.
Consider the investment of a second home as both a sound financial investment but also a benefit in the quality of life for your family. By having a second home you can create new traditions and some family vacation homes are even able to become a family legacy, passed down from one generation to the next. You can create a new family custom of spending 4th of July at the lake or any other time of year for that matter.
Unlike other investment opportunities that can greatly fluctuate in value, vacation properties are typically able to better retain their value and appreciate more due to the limited amount of supply thus making for a higher level of demand.
Tax & Income Advantages
A second home is also able to provide some tax advantages depending on how you utilize the property. Smith Mountain Lake is a sought after vacation destination so even if you don’t have the luxury of spending as much time here at the lake as you would like to, you always have the option to rent out your property and gain income.
Rest & Relaxation
Ready for some r & r? A second home is able to provide a place of retreat to escape from the day-to-day trials and tribulations of life. You and your family will be more comfortable in a place of your own as compared to a rental or hotel room where you are more limited in what you can do and what you can bring. Whereas with a vacation home you can go on an impromptu escape and be more at ease with your own familiar surroundings.
Increase in Second Home Ownership
The trend of second-home ownership has been on the rise as many people are seeking both an investment opportunity as well as an outlet for fun and relaxation. Some estimates even show that 10 percent of all homes in the United States are second homes. While there are more expenses associated with a second home, such as: property taxes, utilities and general maintenance. Those expenses may not add up to much when you have the memories associated with a second home and a lower cost of vacation when coming to your own vacation home as opposed to traveling and incurring more expenses.
Interest rates still remain low and prices are appreciating in our local area, Smith Mountain Lake is able to offer something in just about ever price range from townhomes to lakefront estates and everything in between. I know that we can find the perfect vacation home for you and your family. Contact me, Debbie Shelton today to learn more about making your dream of owning a vacation home a reality.[clearing]