When it comes to choosing a vacation home, you’re often deciding between buying or renting. Of course, there are pros and cons to either option. Here at Sunday River Real Estate, we can help you do both. Check out our list of the advantages and disadvantages for renting and for buying a vacation home.
Being a renter gives you the freedom to move around from place to place if you aren’t ready to commit to home ownership. Renting a vacation home is handy when you want to be able to escape without worrying about repairs or maintenance, as those things are the property owner’s responsibility. Renting can be cheaper than buying, too, if you’re on a budget.
Renting does not allow the same kind of freedom that home ownership does when it comes to customization. Finding the perfect ski rental can be tough if you have a long list of requirements, like a hot tub or a porch. Vacation home rentals also get snapped up quickly, so you have to be speedy to find one that works for your family. In our area, you’ll often need to start looking for the following season’s rental in mid-winter if you’re new to renting or want to try a new space.
Buying a vacation home allows you to create your perfect hideaway. You get to make the space your own, with décor, paint, furniture, and more. Home ownership offers a sense of stability, and it gives you time to settle into your new community, exploring all the adventurous offerings in the area. What’s more, you can also make your vacation home work for you by renting it during the periods you don’t plan to use it yourself.
Buying a home comes with a lot more responsibility than renting, and homeowners must be ready for that. Purchasing a home means the addition of property taxes and homeowner’s insurance, and you are solely responsible for repairs and maintenance. Plus, if you are more of a nomadic type, or see yourself wanting to move in a few years, buying is probably not the way to go.
Whatever you decide, we here at Sunday River Real Estate are here to support you. If you are searching for the perfect ski rental or home to purchase, let us be your guides!