Owning a Vacation Home: Here’s How You Can Make It Happen

When you purchase a vacation home, you’re making both a financial and personal investment, that, when done right, you benefit from in more ways than one. Some being, you can plan for retirement, build wealth, and, best of all, have your very own getaway to visit and host family and friends anytime you desire. 

We’re here to give you the details on owning a vacation home. This blog outlines why owning a vacation home is a good idea, how to make it happen, and more! 

A Guide To Owning a Vacation Home

Many people are intimidated by the thought of owning two homes. We understand those concerns and we’re here with some information to help you decide if it’s the right investment for your family. 

Is Owning a Vacation Home a Good Investment?

It’s never too early to start thinking about retirement, and buying a vacation home opens up new opportunities for you. Investing in a property where you want to retire one day is a fantastic investment. You’ll have plenty of time to make mortgage payments, so you’ll owe less, or potentially nothing, by the time you’re ready to retire. 

While purchasing a vacation home could have its financial benefits (the home could increase in value over time or you could benefit from tax advantages), there are far more personal benefits you’ll love. Having 24/7 access to a vacation home is a dream for so many people, and here are some of the most exciting reasons why:

    • You’ll always have somewhere to stay – Finding a hotel or property to stay in during vacation can be a hassle, especially when deciding to take a last-minute trip. When you have your own vacation home, you’ll never have to worry about this again!
    • Your favorite activities are always within proximity – If you like to ski, purchase a home close to snowy mountains. If you’re an avid angler, settle in a house close to fantastic lakes and rivers. When you buy a vacation home, you’ll no longer have to make it a  whole expedition just go out and enjoy your favorite activities. You can invest in a home close to all your favorite things to see and do!
    • Packing for vacation will be a breeze – Do you dread the chore of packing before you take a trip? When visiting your second home, this will no longer be a concern. Sure, you’ll be sure to pack some important items, but many essentials can stay put at your destination all year round. 
    • Vacations will be less financially stressful – While buying a home isn’t cheap, it will help with the finances associated with going on vacation. You’ll no longer have to save for months to rent out a rental property – you’ll already be making mortgage payments on a destination home and budgeting for it regularly. 
    • You can host friends and family whenever you want – Whether you want to be able to offer a gathering for holidays or for summer getaways, your vacation home will be the perfect place to be. You can choose when you want to host and as often as it’s convenient for you. 

How Do You Buy a Vacation Home?

When you’re ready to start seriously looking for a house to buy, you should first get pre-approved by a lender. With a pre-approval, you can move in on a property quickly and show sellers that you’re serious. 

When you want to get pre-approved to buy a vacation home, you’ll need the following:

  • Proof of income
  • Verification of employment
  • Proof of assets
  • Credit check
  • Identification 

When a lender checks your credit, you must have a good credit score. A higher credit score is typically needed to qualify for a second home than a primary residence. It’s best to have a credit score of at least 700 or higher. 

Having enough money saved up to make a significant down payment is also important. As a rule of thumb, it’s recommended that you make a minimum down payment of 20%. In some cases, your lender might request that you put more down or request that you can prove that you have at least two months’ worth of cash reserves saved up. This demonstrates that you have readily available funds to make your mortgage payments if you lost your income for some reason. 

Where Is the Best Place To Own a Vacation Home?

When it comes to finding the ideal vacation home, location is everything. Before purchasing a property, you must evaluate what’s most important to you and what you want to get out of the property. 

Ask yourself these questions to determine where you should buy a vacation home:

  • Do you prefer the beach, lake, or mountains?
  • Are you searching for peace and quiet or proximity to nightlife and large cities?
  • What’s your preferred climate?
  • Do you require a family-friendly destination?
  • Is proximity to hospitals and healthcare important?
  • How much space would you like to own?
  • Do you prefer a community with an HOA?
  • How far do you want to have to travel?

After you evaluate your requirements for a vacation home, you can make an informed decision about your dream location where you can make memories that will last a lifetime. 

Consider Building a Vacation Home in the Rogue Valley

vacation home in the rogue

Do you need help deciding on a vacation destination that meets all your requirements? Consider exploring the Rogue Valley in Southern Oregon! We might be partial, but we genuinely believe the Rogue Valley is home to some of the best vacation properties. 

Many factors set the Rogue Valley apart from other vacation destinations. Some of our favorite things include: 

  • Year-round outdoor activities – Choose from skiing, whitewater rafting, hiking, fishing, snowboarding, and more. 
  • Stunning natural landscapes – You won’t find better views to wake up to with mountains, rivers, forests, and vineyards. 
  • A combination of peaceful countryside and cities with amenities – While tucked into a serene mountainside, you’re only minutes away from nearby towns and cities.
  • Local airport –  The Rogue Valley International Medford Airport (MFR) offers nationwide flight options from many major cities
  • Growing cities with flourishing businesses – Southern Oregon is on the rise and is home to many nationally recognized companies. 
  • Lots of wine and culinary hot spots – No planning required – you can conveniently access award-winning wineries and restaurants whenever you please. 
  • Moderate climate – Avoid scorching summers and frigid winters. The Rogue Valley features a mild year-round climate. 

Are you interested in building or purchasing a one-of-a-kind vacation home in the Rogue Valley? Look no further than The Vineyards at Stage Pass

Our gated community is designed to offer everything you desire: the opportunity to build a custom vacation home, easy accessibility to the airport within a 15-minute drive, indulgence in seasonal activities, the chance to relish award-winning wines, and the enjoyment of the breathtaking surrounding landscape. It seems almost impossible to ask for more!

Contact our team to schedule a private tour if you want to learn more about building a vacation home at Stage Pass. We can’t wait to help make your vacation home dreams a reality. 

Unique Ways to Experience Southern Oregon