The pandemic over the past year has been a challenge for everyone, and it may have you bursting at the seams for a vacation!
The new norm of remote work and lower interest rates may have inspired you to think about making your next spending spree on a second home in your favorite place. You would not be alone: sales of vacation homes rose 44% year-over-year in the three months ending September 2020, and 58% of those homes sold within one month1, which is faster than any time in recent history. With higher demand, vacation home prices have also risen 32%2.
Unsure about the pros and cons of making the leap for greener pastures? Here are some important considerations before purchasing your dream vacation home:
It sure sounds fantastic right now to splurge on getting away from it all once pandemic restrictions finally lift around the world. We would love to talk to you more about your dreams and goals of a potential vacation home purchase. Modera stands ready to help you think through the considerations and trade-offs.
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1 National Association of Realtors: https://www.nar.realtor/blogs/economists-outlook/vacation-home-sales-are-getting-a-pandemic-boost
2National Association of Realtors: https://magazine.realtor/daily-news/2020/11/09/buying-frenzy-heats-up-in-second-home-market