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Why a Vacation Home Is the Ultimate Summer Upgrade

Why a Vacation Home Is the Ultimate Summer Upgrade

By Christophe Choo Posted Jun 20, 2024 Beverly Hills, Latest Updates, Market Activity, Real Estate Advice for Buyers & Sellers, Real Estate Articles, What I'm Reading

Why a Vacation Home Is the Ultimate Summer Upgrade | Christophe Choo at Coldwell Banker Global Luxury is Your Local Real Estate Expert

Summer is officially here, making it the perfect time to start planning your ideal vacation and unwind this season. If you’re excited about getting away and soaking up some sun, you might consider if owning a vacation home in a prime location like Los Angeles or Beverly Hills is the right move for you.

Why Buy a Vacation Home?

An Ameriprise Financial survey highlights several reasons why people buy a second or vacation home:

  1. Vacation Destination or Stress Relief (81%): Having a second home as a vacation spot offers a special place to relax and escape daily stressors. It eliminates the hassle of finding accommodations whenever you travel to your favorite destination.
  2. Better Weather (49%): Buying a home in a location with consistently better weather can be a great escape, especially if your primary residence experiences cold or rainy conditions. Enjoy sunny days and warm temperatures in places like Los Angeles or Beverly Hills.
  3. Rental Income (41%): When you’re not using the vacation home, you can rent it out, generating extra income.
  4. Future Primary Residence (33%): You can eventually move into the home full-time during retirement, allowing you to enjoy vacations now and have a future getaway ready.
  5. Venue for Gatherings (25%): A vacation home can be a special spot for family and friends, creating a venue for parties, regular trips, and fun memories.

Ways To Buy Your Vacation Home

Contrary to popular belief, you don’t have to be wealthy to buy a vacation home. Bankrate offers two tips to make this dream more achievable:

  1. Buy with Loved Ones or Friends: Sharing the purchase with loved ones can make it more affordable. Pooling resources can help you manage the costs effectively.
  2. Put a Savings Plan in Place: Add a vacation home savings plan to your budget and contribute to it monthly. This approach requires patience and persistence but can make the dream a reality over time.

Finding Your Dream Spot in Los Angeles or Beverly Hills

Los Angeles and Beverly Hills are prime locations for vacation homes, offering luxurious properties, stunning weather, and a vibrant lifestyle. Whether it’s the allure of Hollywood, the upscale shopping on Rodeo Drive, or the beautiful beaches, these areas provide the perfect backdrop for your second home.

If the idea of basking in the sun at your very own vacation home sounds appealing, start your search now. Summer is a popular time for buying vacation homes, so it's best to get a head start.

Partner with a Real Estate Agent

Your first move should be to team up with a real estate agent who knows the ins and outs of the Los Angeles and Beverly Hills markets. They can guide you on the best properties available and the benefits of owning a second home. Bankrate emphasizes the importance of expert guidance:

“Buying real estate in a new area — or even one you’ve vacationed in for many years — requires expert guidance. That makes it a good idea to work with an experienced local lender who specializes in loans for vacation homes and a local real estate professional. Local lenders and Realtors will understand the required rules and specifics for the area you are buying, and a local Realtor will know what properties are available.”

Bottom Line

If the idea of owning your own vacation home in Los Angeles or Beverly Hills appeals to you, let’s chat. These areas offer unmatched luxury and lifestyle, making them perfect choices for your ultimate summer upgrade.

Call Christophe Choo at (310) 777-6342 to tour your future home "HERE" or click "HERE" to estimate your home value

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