5 Reasons to Buy a Vacation Home

As you consider how to invest for your future financial stability, while also enjoying your life now, the thought of owning a vacation home in one of your favorite destinations may become an option. Owning a vacation home is an ideal way to invest in your future while maximizing your current quality of life. Still not sure? Keep reading for 5 reasons to buy a vacation home.5 Reasons to Buy a Vacation Home

1. Diversify your income

Buying a vacation home has to make financial sense for any of the other benefits to be worthwhile. In many cases, owning real estate in addition to your primary residence will be one of the best ways to diversify your income. When you own a vacation home, you can leverage this asset in multiple ways.

One way to diversify your income with a vacation home is by offering it as a short term vacation rental when you are not using it for personal vacations. In many cases, the income from your vacation home will more than pay for itself, becoming passive income with the added benefit of a vacation home that is ready when you are. The income from the short term vacation rental fees will likely cover all maintenance, furnishing, and ongoing expenses for the property as well.

2. Minimize your vacation expenses

When you own a vacation home, your cost to vacation is greatly minimized. You only need to plan for transportation expenses to get to the home, significantly shrinking your expenses. This almost always results in a more preferable lifestyle of more frequent vacations, especially for those with flexible work schedules or the ability to work remotely.

3. Build equity for future generations

Many people are concerned about how to establish themselves in such a way that they have something to leave behind for future generations. Owning a vacation home is one of the best ways to do this. By keeping a vacation home property for a long period of time, you are building equity that will benefit whoever you leave the property to. In addition to the financial legacy you will leave with the vacation home, the memories a family builds over decades returning to the same vacation home are priceless.

4. Get a head start on retirement

Preparing for retirement is best done by saving and investing in various ways, and real estate is one of the best. Get a head start on your retirement preparation by purchasing a vacation home that will be waiting for your when the time to retire comes. At that point, the property will have accumulated significant equity and you can either sell the property, refinance it, or move into the property to significantly reduce your monthly costs. Whatever situation you end up in when retirement time comes around, owning additional real estate will open up your options and be a benefit to you.

5. Guarantee access to your preferred vacation accommodations

One of the major factors determining how enjoyable a vacation can be is the accommodations. Having a place to stay that is designed to your preference, equipped with your ideal mattresses, furniture, kitchen equipment, and other details takes a vacation from good to great. When you own your own vacation home, you can guarantee that you will have access to your preferred place to stay every time you visit. Over time, you can perfect the property to suit your needs and preferences, significantly adding to the quality of your vacations.

When you are ready to begin looking for a vacation home in the Canmore or Banff areas, we are here to help. We have the team of experts you need to find your ideal property, so contact us any time.

More Tips for Homeowners that Own Rentals

Browse the NEWEST Listings in and around Canmore Alberta

13 Properties
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$418,950
Neighbourhood: Bow Valley Trail
1
Beds
1
Baths
305
Sq.Ft.
2005
Year Built
2
Days on Site
A2084777
MLS®
Turn-key studio unit at Falcon Crest Lodge. Fully furnished vacation condo with zoning allowing for short term rentals. Owners can keep the unit for personal use, self-manage or continue to rent out...
$3,123,750
Neighbourhood: Silvertip
3
Beds
3F11/2
Baths
1,594
Sq.Ft.
2025
Year Built
4
Days on Site
A2083818
MLS®
Featuring roughly 2,900 square feet of luxury living, Rockwood is offering three unique exteriors of Faith, Charity and Hope. Each of these stunning front walkout bungalows offer iconic...
$3,584,500
Neighbourhood: Silvertip
4
Beds
4F11/2
Baths
2,642
Sq.Ft.
2025
Year Built
4
Days on Site
A2083823
MLS®
Offering a strong sense of architectural tradition, Rockwood is offering two unique exteriors of Lady Macdonald and Grotto. Each of these alpine-inspired residences will offer best-in-class design...
$943,960
Neighbourhood: Bow Valley Trail
2
Beds
2
Baths
821
Sq.Ft.
2008
Year Built
4
Days on Site
A2084565
MLS®
Two bedroom, two bathroom unit at Blackstone Mountain Lodge. Blackstone Resort is one of the most popular places in Canmore with many amenities and attractive mountain architecture. Fully furnished...
$999,000
Neighbourhood: Cougar Creek
3
Beds
1F11/2
Baths
1,368
Sq.Ft.
1996
Year Built
5
Days on Site
A2083502
MLS®
Walking up past the view porch and into this well kept upgraded single family home you are welcomed to the living room with gorgeous hardwood floors and stunning views. Steps away is the open kitchen...
$618,450
Neighbourhood: Bow Valley Trail
1
Beds
1
Baths
619
Sq.Ft.
2009
Year Built
5
Days on Site
A2084476
MLS®
This inviting 1-bedroom, 1-bathroom Lodge at the Lodges of Canmore is situated in the heart of Canmore, this fully furnished unit offers a cozy retreat for guests seeking adventure and relaxation...
$795,000
Neighbourhood: Hospital Hill
3
Beds
2F11/2
Baths
1,075
Sq.Ft.
2007
Year Built
6
Days on Site
A2083912
MLS®
OPEN HOUSE SATURDAY 1-4PM. Welcome to your dream mountain retreat! This stylish 3 bed, 3 bath townhome offers the perfect combination of comfort, convenience, and jaw-dropping design. Located just...
$1,349,000
Neighbourhood: Quarry Pines
3
Beds
2F11/2
Baths
1,144
Sq.Ft.
2002
Year Built
6
Days on Site
A2084262
MLS®
Half duplex in Quarry Pines with attached garage. Nestled high above the valley in a quiet neighbourhood, this half duplex offers amazing mountain views and is surrounded by plenty of green space....
$874,000
Neighbourhood: South Canmore
2
Beds
2
Baths
1,029
Sq.Ft.
1995
Year Built
7
Days on Site
A2082966
MLS®
This bright and inviting condo checks all the boxes and hits the sweet spot in the market right now. It offers just the right amount of warm woodwork inside, with modern touches, vaulted ceilings...
$1,800,000
Neighbourhood: South Canmore
3
Beds
3F11/2
Baths
2,300
Sq.Ft.
2012
Year Built
7
Days on Site
A2083486
MLS®
Looking across Riverside Park to the Bow River, Ha-Ling and the Rundle Range, this Canmore half duplex is ideally positioned in the mountain town. Privately located on a no through road while mere...
$1,950,000
Neighbourhood: South Canmore
4
Beds
2F11/2
Baths
1,671
Sq.Ft.
1980
Year Built
7
Days on Site
A2083733
MLS®
A South Canmore gem! This warm and inviting home that exudes mountain flavour is nestled in the trees on a sunny SW corner lot. The three bedroom, three bathroom main home has been renovated to...
$1,399,845
Neighbourhood: Homesteads
3
Beds
3
Baths
2,013
Sq.Ft.
1998
Year Built
8
Days on Site
A2083710
MLS®
This renovated 3-bedroom, 3-bath, luxury duplex is the perfect vacation or retirement property. Located in the highly sought after 'Homesteads' community, a short walk away from the river, downtown &...

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