How to attain a Vacation or Retirement home and not worry about the debt
Concepts that can help you attain a vacation home or prepare for a retirement lifestyle.
A debt that someone else pays down is a good debt to carry
As we know, in today’s day and age, your life can become overwhelming and stressful in absolutely no time. Therefore, escaping this environment that poisons your soul and reconnecting with family and friends is extremely essential. According to Andrew Storms - Global real estate advisor with Engel & Völkers USA, this can be easily achieved when you take more time off for a vacation every so often and have your own vacation haven to go to. Believing firmly in this ideology, Andrew directed his business to help families find happiness and strength in their relationships by encouraging them to spend more time with each other. Although he works mainly in the state of Utah, Park City real estate specifically, his values and ideologies are vastly universal. In a National Press Release issued recently, more information about purchasing Park City real estate can be found.
Whilst a vacation home can offer you and your family a much – needed break from the monotony of daily life, funding for one can seem like an impossible feat, explains Andrew Storms. However, finding the resources is easier than you think and you need not put your life on hold to buy your very own vacation home. With this in mind, Andrew provides some appealing ways to attain a vacation home but also tips on how you can pay off the debt without having to worry about it.
1. It works as an investment that pays off: It goes without saying that when you buy your second home to go to occasionally to escape from reality, you are going to ensure that your surrounding is not just peaceful and calm but also equipped with the right amenities. It is obvious that you are not going to spend a majority of your time in this home. Therefore, for the most part of the year you could easily rent out your vacation home to anyone in need. This is the most beneficial way to pay off the debt that you incurred whilst actually purchasing the home.
There is also another innovative way in which you can actually get the cash before the closing period approaches. In fact, it is so beneficial that its popularity is now going off the roof, explains Andrew Storms. The idea involves transferring your investment and gains from your IRA / 401k into a ‘self directed IRA’. However, whilst this is a popular ongoing way to get more returns on one’s investment, it is highly advisable that you consult with your financial advisor before sealing the deal as there can be some pitfalls. If for some reason, you have no contacts with a sound understanding of self directed IRA’s, you may find contact information for them here. This process can work internationally too. So, either ride the emotional stock market roller coaster or own something tangible.
2. It can be your home after you retire:
It may seem like you’re way too young to actually have to think about retirement at your age. However, if you try to delay this topic until your actually nearing the age of retirement, it is going to be very difficult for you to take any action at all. Therefore, by simply buying a vacation home now, you’ll be in a fitter and better condition to pay it off quickly and your retirement years can be set. If you do not take action now, it only means that you will need to have an incredibly large sum of money during retirement to actually have anything close to a home.
The basic rule of thumb is to choose an area that appeals to you most, especially at a time where you won’t be working anymore. Although you may have several options, the best thing that you can do is rent different homes in various locations until you find the area that fits your needs perfectly. There are also some other factors that you can consider when choosing your future retirement home and these include the, amenities, the options available for socializing, living expenses and the like. Try before you buy.
3. Long term property leasing:
If you are completely sure of the fact that you won’t need your second home until your retirement, you could easily rent out your future paradise on a long-term basis. This can be extremely beneficial for you as the cost of the home can be recovered by the rent paid by your prospective tenants. Besides, since they would be long-term tenants, contractually you could have them to be solely responsible for maintaining the property which takes heavy weight off your chest.
4. Renting out for business reasons:
As part of a corporate life, it is very important for the employees to gel well and bond with each other as it can help them perform better as a team and accomplish tasks. The vacation home that you buy can be used for this purpose. Especially in higher end mountain estates such as The Colony or Deer Crest, Corporations quite often use the company home for such business retreats, says Andrew Storms.
5. Trying a different approach:
Your current home can be swapped for your vacation home so that you and your family can live a relaxed life. This is especially possible if you are not restricted to any particular location such as being able to work remotely. You could rent your current city home and earn handsome revenue from it while you are enjoying your second home.
It’s easier than you think.
Andrew Storms is an International Accredited Buyers Representative (ABR) has advised and negotiated multi million dollar property purchases in various countries. Andrew has been sought out for his knowledge of pairing lifestyle property with clients by - USA Today, Wealth TV and HGTV.
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