Your Home Away from Home: A Quick Guide to Building Vacation Property

The idea of owning a vacation home has always been popular. It’s been getting even more popular in recent years. Many people will look into buying property overseas. But what if you want to actually build a vacation home?

 

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A lot of people build vacation homes because… Well, because they want somewhere nice to stay when they’re on vacation in their favorite destination! But you should think about the long-term. A lot of people also end up using these homes as their retirement destinations. In fact, that’s the plan for many when they begin this endeavor. And if you plan to use a vacation home as a retirement destination, then you should start before you retire!

File:Vail Vacation Home 1.jpg

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A lot of people make the mistake of building a retirement retreat once they’ve retired. But then you just add stress to years you don’t need stress in. Plus, you’ll lose out on plenty of valuable winter-years relaxation time! Find out more about smart retirement planning at www.ssa.gov/planners/retire/.

 

Choose your destination!

 

So what makes a good place for a vacation home? For most people, it will be in their favorite vacation location. But you’ll need to consider the implications of actually living in this country. You’ll need to know more about the laws that surround the ownership of property there. It could turn out that building a vacation home in your favorite destination might not be that smart an idea. Think carefully of the reasons you love this destination. There will be other places that meet these specifications!

Jeda Villa Bali. Frontview. 3 BR villa. 1/28/2011

Jeda Villa Bali. Frontview. 3 BR villa. 1/28/2011

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Picking the land

 

Most people don’t really know that much about the earth on which their own country is based. When you’re travelling to new lands, you’re even less likely to know much about the land there! It’s worth asking for assistance when it comes to purchasing land that’s the size and build you need. You should also consider the environmental implications of the land you’ve purchased and the property you want to build on it. You’ll want to work with local environmental consultants. Let’s say you’re going to Australia, for example. You’ll want to work with a company like SESL. You can find their website at www.sesl.com.au/environmental-consulting/.

 

Actually getting the thing built

 

So how are you planning on doing this? There are two ways to go about it. If you want to oversee the building, and perhaps even do some of it yourself, then things will be more complex. You’d probably have to have a temporary residence available in this country so you can be there when required. You could, of course, work with local architects to design a home that others will then build. (To be honest, this is probably the smarter option! After all, you do want this vacation home to be perfect…) Read more about building a home at www.newhomesource.com.

Wikipedia

 

In the meantime…
One of the great things about vacation homes is that you can rent them out when you’re not using them. That way, you can earn a pretty good passive income with them! It’s unlikely that the money you make from these rentals will cause the property to pay for itself, that’s true. But extra money in your pocket should never be sniffed at!

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To Lease Or Not To Lease? That Is The Question

Which is better; leasing or buying? Getting a car lease is becoming more and more popular in the US. So it’s certainly a relevant question.

 

Just a decade ago, leasing was a minor, but emerging player in the US market. Today, more than 1 in 4 cars in the US are leased.

 

The reason for its growing popularity seems to be down to the fact that younger people just expect to pay for stuff on a monthly basis. After all, gym memberships, phone bills, and credit cards are all paid off at the end of the month. Why not cars too?

 

The idea of saving up for a car seems antiquated. And many people don’t want to take on more debt than they already owe. Instead, they’d just rather use their car as collateral and have it taken away if they don’t make the payments.

 

So that brings us to the question; which is better?

Buying Versus Leasing

File:2014 Mercedes-Benz CLA 45 AMG (C 117) 4MATIC sedan (2015-07-15) 01.jpgB

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One of the big advantages of leasing is that you can drive a car that you would never ordinarily have been able to afford. Mercedes lease rates on models like the CLA, a currently running for as little as $319 a month. What’s more, lease rates are typically far lower than the rates you’d pay on car loans, with interest included. And so using the car as collateral has significant events.

 

Moreover, leases are often far easier to obtain. To get a loan for a car, you have to apply to the bank, convince them that you’ll repay the loan and then buy the car outright. In the process, you’ll have to convince lenders that you’re a worthy borrower who will pay them back. But are you? If your credit rating is low, it’s unlikely you’ll ever receive a loan for a car. And that can be the end of it. Not so with a lease. Leases are usually available to people even if they have a terrible credit history.

 

Leasing also mean that buyers get covered for maintenance costs. Almost always, leases are on brand new cars. The leases themselves usually only last for a period of around three years. Then there’s the option of paying a balloon payment or start a new contract with a new car. Most people opt for the latter, preferring to pay a monthly fee to avoid depreciation expenses.

 

There is, however, a darker side to leasing. One of the problems is that buyers often have to pay higher insurance rates to cover gap insurance. In other words, if you get hit by another car, you need insurance that will cover what you still owe to the car dealer.

 

There are also often fees charged when you change your old car for a new car. Plus, you’ve got to be really careful with your vehicle while you are leasing it. If there is any damage to the interior or the paint work, you could be charged for this at the exchange.

 

To lease or not to lease? That is the question. If your car depreciates quickly, you’re probably better off leasing. If not, then you’re better off buying instead.

 

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