In a day and age when a getaway often focuses on a much beloved activity, ski enthusiasts keep pace – planning intricately detailed vacations to the slopes where they pack into hotel rooms and restaurants and spend enormous amounts of money each year. For many, a getaway to a particular ski location has become a family tradition; something they come together for several times a year. In this case, the purchase of a ski vacation home may make the most sense financially and logistically.
In order to determine if a ski vacation home makes sense for your particular situation, you must first determine the amount of money you spend per year on ski vacations. When you do the math, you may see that it makes much more economic sense to simply purchase a ski vacation home in the ski getaway destination of your choice.
For one, the amount you would spend on a mortgage may not equal the amount you would spend on accommodations. Further, you will save quiet a bit of money on dining out, as you now have the ability to prepare all your meals at home.
But, if it is within your power to do so, the purchase of a ski vacation home can be a financial investment on your part as well. During the weeks that you are not using the property, you can rent it out to vacationing skiers. In many cases, the amount you receive for one week of rental will be enough to cover your mortgage payment for the month. If done right, you may be able to make money off of your ski vacation home and still enjoy your own getaways.
It is imperative that, if you do use your ski vacation home as a rental property, that you align yourself with a reputable rental agency that will screen prospective renters, manage the financial transactions, and stay on top of all property repairs that need to be done. In essence, a rental agency should act as a liaison between the property owner and any renters.
Of course, there is also the added benefit of the tax right off on a ski vacation home. When you add all these financial factors together you may begin to see that the purchase of a ski vacation home makes fiscal sense.
However, ultimately, the ski vacation home should allow you to spend uninterrupted and relaxing time with friends and family – and give you close proximity to the slopes no matter what time of year!
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