If you’re at a point in your life where you can afford to buy a vacation home, why not do so? In addition to offering you a sound investment on which to fall back should your financials suffer unexpectedly, it also offers a way for you and your family to get away, unplug, and enjoy quality time together. While you might argue that you can do that in a hotel or at a resort, individuals who own second homes claim that the familiarity provided by second homes allows for a more relaxing and quality getaway. If you don’t need any more convincing and simply want to know where to call home-away-from-home, consider investing in one of these top four luxury markets.
Ocean City, Maryland
If you live in the south and want to escape the oppressive heat in the summer and enjoy a white winter, Ocean City is the place for you. Ocean City has a boardwalk that offers entertainment in the form of food, fun, and music all summer long. If you’re going to invest in real estate in this town, try to get a waterfront property. About less than half of all properties listed on rental sites are waterfront. If you owned a waterfront house and wanted to rent it out to vacationers while you weren’t there, you could charge prime rental prices, which go as high as $3,000 per week.
Myrtle Beach, South Carolina
Myrtle Beach is another east coast town that families flock to during the summer months. In addition to white sandy beaches and 60 miles of coastline, the town also boasts more than 100 public golf courses, hundreds of shops and restaurants, and entertainment for all ages. A property in Myrtle Beach would also be a good investment property, as weekly rental rates go as high as $2,650 for a four- to five-bedroom house.
Park City, Utah
Park City, Utah, is one of those rare destinations that has appeal year-round. While it initially gained attention for its ski slopes, it has since been recognized for its hiking, biking, horseback riding, white water rafting, and mountain climbing. Fishing enthusiasts can enjoy a day of fly fishing, while golfers will find no shortage of courses on which to play a quick nine or a relaxing 18. The town itself boasts a variety of boutiques, restaurants, museums, art galleries, and other forms of entertainment that the whole family can enjoy.
If you do decide to invest in Park City real estate, look into Deer Valley homes, which rest in one of the nicest ski resorts Park City has to offer. Ski runs flow between the homes and high-quality amenities are just a short distance away. For these reasons—and the stunning views these homes offer—Olympic athletes and hobby skiers alike own homes in this competitive luxurious market. Homes in Deer Valley rent for as low as $325 a night to as high as $7,995 a night. Talk about a worthwhile investment.
Telluride has a population of just over 2,500, an altitude of 8,750 feet, and an annual snowfall rate of 200 inches. These figures alone make it the ideal vacation destination for avid skiers and those who wish to enjoy a quiet, white Christmas. However, like Park City, Telluride is another popular vacation destination that has year-round appeal. During the summer, visitors can enjoy mild temperatures, hiking, biking, white water rafting, and swimming. The town itself boasts several unique boutiques and restaurants. It even has a movie theater and grocery store, which is convenient for those times when you’re in town on an extended stay. Depending on the time of year, vacation homes in this area rent for as low as $1,000 a night to as high as $12,000 a night.
If you’re going to invest in a vacation home, you may as well invest in one that works for you when you’re not staying there. Look into one of the aforementioned luxury real estate markets to find such a home.