Sometimes the stresses and strains of ordinary living can take a toll on our mental and physical well being. When this happens, sometimes the best solution is to move to a different environment for a period of time to relax and reconnect with our families. Some families choose to do this by taking yearly trips requiring a stay in a hotel.
An even better option for boomers with savings might be to purchase a vacation home or a timeshare. Whether your dream destination is at a sun-drenched beach villa or a cool mountain cabin surrounded by ancient hardwoods, you should be able to find the perfect vacation property with just a bit of research. The following tips may make that process easier:
Agree on the Details
All members of the family will probably have preferences about the location and appearance of any vacation venue under consideration, so some compromise will be in order. During the planning stages, it is helpful to answer these questions:
• Do family members enjoy the water?
• Does the location need to be convenient to food and recreational activities?
• What style of home suits the family the best?
• How long will the family be able to stay at the vacation destination when visiting?
• Will the community allow for renting the home out as a way to help with payments if you need this option?
Check on the Practicalities
Once these issues have been discussed, it is time to work on the practical aspects of a vacation home or timeshare purchase. A good place to begin is by researching the real estate agents in the chosen area. Some actually specialize in vacation home sales and will be extremely helpful during the process. They will be sure to guide a potential client through the following procedures:
• Getting preapproval for a vacation home mortgage or arranging financing for a timeshare.
• Negotiating the right price for the area and size and condition of the property.
• Explaining future maintenance costs or timeshare fees.
• Detailing any restrictions on the property imposed by a Home Owner’s Association.
A good real estate agent will also make sure that potential buyers understand some of the more difficult terminology associated with buying a timeshare. These include deeded and non-deeded properties, fixed and floating weeks, and fractional ownership agreements.
In reality, a vacation home will probably work best for families who like to get away on the spur of the moment, while a timeshare will suit those who always plan well in advance. A vacation home may be the better investment because it has the potential to rise in value. No matter which of these purchases is more suitable for your particular family, either will make it more likely that the family will spend quality time together at least once a year.
This is a guest article contributed by Maria Robins, who believes it’s important to make time for family vacations and to escape from the daily grind every once in a while. She likes the flexibility that the Destination Club offers and is looking forward to her next getaway.