Afford Your Dream Vacation Home with Financial Planning Help

It’s that time of year again. Summer nights start getting cooler. Leaves start to change colors and fall from the trees. Watching cartoons on a lazy Saturday morning turn into football tailgates with old friends from college. No matter what changes occur for the individual, summer is coming to an end and fall is upon us, which means that the travel season is coming to an end. The summers are always a great time of year to take vacations or time off from work to travel and spend time with friends and family. Everyone has their own dream vacation home that they hope to own one day. For some people, their dream vacation home is only that, a dream. Some people go their entire life without knowing that their dream vacation home is actually something that they can afford with the right planning strategies. If you are wondering if it is possible to purchase your dream vacation home for summer 2018 or later, a financial planner is just the right person to talk to.

You might think that a financial planner is just used to help you invest in stocks. Although investing is an important part of a planner’s job and your financial future, it is not the only thing that a planner wants to accomplish in helping you meet your financial goals. From a holistic point of view, a planner’s job is to help you see your entire financial picture to help you better understand where you sit financially and what that means for the future. A planner’s advice can be critical when deciding whether or not you can afford to buy a vacation home. Here at Payne Wealth Partners, we have skilled and experienced Indiana financial planners who help their clients realize how buying a vacation home changes their financial picture. They can help you start to save and invest in the purchase of your vacation home. They can advise you on where the funds for buying this home should come from. They can even have a deeper conversation with you on what a vacation home means for your family. Trying to make this decision on your own is doable but can be very difficult. Why not speak with a financial planner and make it a much easier decision?

There is a lot to consider when buying a vacation home from more than just a financial standpoint. Listed below are questions you should ask yourself when considering buying your dream vacation home:

How much should I spend for a vacation home?

This is a tricky question to answer for anyone who has trouble budgeting their money properly. Another advantage of having a financial planner is that they can help you answer this question. Through cost analysis, a planner can see what price range is acceptable for your current financial situation so you don’t have to worry about breaking the bank with your purchase.

Where should I buy a vacation home?

Location is everything when thinking about buying any new home. You want to make sure you pick a location that you and your loved ones will enjoy and where you see yourself going constantly during the year. Be sure to pick a location that is safe, and family-friendly. Find out what the locals are like and see what they like or dislike about the location. Find out all that you can about your vacation home’s geographical location so that there are no unexpected problems after you buy.

How far away should my vacation home be?

This is the trickiest question to answer in my opinion. There are a lot of variables you have to take into account when it comes to distance. The further away your vacation home is, the harder it is going to be to gather all of your friends and family to meet and spend time with one another. Let’s say you buy a lake house that is an hour away from your primary residency. It is much easier for your family and friends to drive an hour to your lake house than it is to fly everyone to a beach house in Florida or California (assuming you don’t already live in one of those states). However, if you are set on buying a vacation home that isn’t close to home, follow your heart and don’t look back. A vacation home is fun for everyone no matter how far from home.

Being able to answer these three questions confidently will help make the purchase of your vacation home a little bit easier. To make this decision easier from a financial standpoint, see what advice you can get from one of our excellent Evansville-based financial planners. It’s never too late to make your dream a reality!

Published: September 27, 2017

Author: Kent Miiller

Phone: (812) 602-6318

Email: kamiiller@paynewealthpartners.com

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The information in this material is only as current as the date indicated, and may be superseded by subsequent market events or for other reasons. While all information prepared in this document is believed to be accurate, any statements of opinion constitute only current opinions of Payne Wealth Partners, Inc., which are subject to change and which Payne Wealth Partners, Inc. does not undertake to update. Accordingly, you should not put undue reliance on these statements. The information does not attempt to examine all the facts and circumstances that may be relevant to an individual’s financial needs. Payne Wealth Partners, Inc. is not soliciting any action based on these statements.

Contact Our Offices

Payne Wealth Partners, Inc.
Keystone Financial Consulting
601 N Cross Pointe Blvd
Evansville, IN 47715
Phone: 812-477-6221
Toll Free: 888-477-6221
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