Three years ago my husband and I went to Minnesota for a Prince concert and during our time there we decided to take a retreat and rent a holiday home just on the lake. As we were leaving our rental we saw a sign that read Minnesota Lake, MN lake homes for sale. As it happened we had spent several hours just the night before speaking about how amazing it would be to have one of these lake houses so we enquired before heading home and within a week we had signed on the dotted line, we now owned a holiday rental. This proved to be a great decision on our part and if you are considering getting a second holiday home, here is why I believe it to be a great idea.
Before we get into the money side of things the first point to mention is that a holiday home makes it far easier when it comes to taking a vacation. Instead of having to pay for accommodation wherever you go you know that you can always count on having your little holiday home just waiting for you whenever you happen to get time to have a break. We have visited our home in Minnesota 8 or 9 times in the 3 years and we plan on going back very soon. The family also enjoy using the home.
As an investment real estate is always the best option and this is why we decided to invest in a holiday home. We are almost always full with renters which means that we have a steady flow of money coming in each month, plus the fact that the building itself has actually appreciated since we first purchased it. The plan for us is to use the rental money which we receive in order to pay off the money that we laid out for the property, and then we can have a fully paid-for asset which both us and the rest of the family can enjoy.
Although it wasn’t the original idea when we bought the property, something that we have been thinking more and more about is using this property as a retirement home when that time comes. There is something so appealing about living an easier life when you retire and that is why our little cabin on the lake looks like a very attractive prospect indeed. The beauty of this is that by the time we both retire the house should be more than paid off thanks to the rental money that is coming in, and that means that we can move there without any kind of financial worries. The long term outlook is certainly for us to move there when we finish work and it is lovely to have something like that which we can look forward to.
If you haven’t considered it before, why don’t you think about investing in a holiday home?