When funds are tight, often the first things to go are luxuries, such as vacations. The fact is that it’s not easy making ends meet sometimes, and when you’re in that position you realize that you have to cut out those unnecessary luxuries, and sadly, travel is often the first thing to go.

Of course, there are ways around having to cut travel out of your life when you’re on a budget, it’s just a case of knowing what steps you need to take to make it more affordable. One of these steps is purchasing a vacation home of your own.

Admittedly, this might sound like it’s the kind of step that will end up costing you far more than it’s meant to, but actually, this doesn’t have to be the case. Yes, it means one big investment but it also means that in the long-term you will be saving a large amount of money. Heck, you might even make some money too. So it’s most definitely a step that’s worth thinking about  if you’re in a position to go down this route.

Want to learn more about how purchasing a vacation home could save you money? Have a read of this!

You won’t need to pay for vacations

If you opt to purchase your own vacation home from somewhere like 30A Real Estate, for instance, you will have to make a big deposit payment and make monthly installment payments to your mortgage broker. However, what owning a property like this means is that when it comes to vacations you can significantly cut costs as you don’t need to worry about booking and paying for  .

Of course, you will need to pay for travel but not having to book accommodation will significantly reduce the cost of travel for you and your loved ones. Just think, how much more you could get away if you owned a vacation home.

You can rent the property out

To cover the cost of the property’s mortgage, during the periods when you’re not using it you could offer it for holiday lets. These pay extremely well – depending on location and time of year you could charge anything from $1000 a week to $3000 – which means that you could cover your annual mortgage payments within just a few weeks of offering vacation lets.

This would mean that you wouldn’t need to worry about the cost of affording the property, as you would already be covering those costs, reducing the financial stress that comes with this kind of investment.

You will earn a profit when you sell

Think of this kind of purchase as a future investment. In ten or twenty years time when you sell, the value should have significantly increased, which means that you will not only get back the money you paid for the property but that you will also benefit from extra funds. This could be a significant amount which could be used to fund yours’ or your family’s futures.

There you have it, everything that you need to know about purchasing a vacation property for your family.