Do you ever dream about having a vacation home somewhere? You could pick up and go take an amazing vacation, savoring your time in your home away from home.
No dealing with the hassle of a hotel or trying to figure out where you’re going to stay; you have a personal spot all your own just waiting for you.
As it happens, vacation home rentals are one of the best investments you can make in your future. Read on to learn more about the benefits of having a vacation home in St. George, Utah.
Get Rental Income
One of the biggest benefits of owning a vacation home rental is that you collect on rental income. Renting is a great source of passive income since, besides some routine upkeep and maintenance, you don’t have to work for the money you earn. Your vacation home does the work for you, leaving you free to work a day job and grow your nest egg every day.
As of last year, the global vacation rental industry was valued at more than $87 billion. On average, AirBnB hosts make an extra $924 per month, the highest of any side gig on the market. If you can pay cash for your vacation rental, that extra $1,000 is going directly back into your pocket every month.
Grow Home Equity
Real estate is nearly always a smart investment thanks to the equity you grow in the home. You pay on your mortgage, increasing the value you own in the home over time. And because property values are nearly always on the rise, if you own a home for at least three years, you’ll likely make money off of it when you sell it.
Growing equity in one home is fantastic, but what if you could grow equity in two? When you get ready to retire, that’s two investments you can cash in on. And because you have homes in two markets, even if property values drop in one area, you have a better chance that values in the other market will rise
Get Tax Breaks
One of the biggest tax breaks you can get comes from your home. When you buy your first home, you can get a substantial credit deducted from your taxes. But even past the first year, you can get serious tax breaks, no matter whether you’re living in or renting out your vacation home.
If you’re living in your vacation home, you can write off your mortgage interest and your property taxes just like you would with your primary residence. If you’re renting it out, however, you can write off any expenses related to the home as a business expense. This can include things like hosting fees, cleaning costs, rental supplies, property management fees, and more.
Look Forward to Retirement
Not only can a vacation rental serve as a great investment and way to grow your nest egg, but it can also be an investment in your retirement life. You can shop the market in the area you want to retire and, when the perfect house comes on the market, you can buy it. Spend the years before you retire renting it out, collecting that income, and growing your equity.
Once you get ready to retire, you can take your home off the rental market and move into it yourself. You can cash out of your other home, and the proceeds from that sale can give you a nice sum to start your life in your new home.
Since you will already have owned your retirement home for several years, you’ll walk into it with greater equity, a number of renovations and repairs checked off the list, and a sense of home already instilled in the place.
Get Access to Nearby Attractions
When you’re deciding where you want to retire, St. George, Utah, is a fantastic option. Aside from its own charms, which we’ll discuss more in a moment, the city is located near some national treasures you won’t want to miss. You can take day trips out to some of the most amazing sights our country has to offer from your St. George home.
You can get to Zion National Park and Las Vegas in under an hour from St. George. Bryce Canyon National Park and the Grand Canyon are both about two and a half hours away. You can get to both Arches National Park and Canyonlands National Park in under five hours from St. George.
Enjoy St. George
Aside from its prime location, St. George has a number of wonderful attractions which make it an amazing place to live. If you live for the great outdoors, it’s hard to beat the opportunities around St. George. The area has dozens of biking and hiking trails and some of the most glorious desert scenery in the country.
There’s also a thriving downtown in St. George packed with shopping, restaurants, and more. The food scene there is home to nearly 200 restaurants, and you can find cute boutiques and shopping opportunities throughout the city.
Red Cliffs National Conservation Area to the north of the city also offers a great spot for anyone looking to enjoy Utah’s natural beauty.
Discover the Benefits of St. George Vacation Home Rentals
Vacation home rentals can be some of the best investments you can make in your future. You can get income from the rentals, grow your equity, and get a head start on your retirement. St. George, Utah, is one of the finest places in the country to grow your future prospects.
If you’d like to find the perfect vacation home rental for you in St. George, check out the rest of our site at Ellis and Co. We are dedicated to helping you find your dream home in beautiful southern Utah. Search homes today and find the house where you’ll build your future.Posted by David Ellis on