Home ownership is one of the biggest gifts you can ever give yourself, and more than 80% of Americans agree. After all, it not only brings a sense of fulfillment but is also a powerful investment tool. The same applies to a summer home, which you can even transform into a source of income.
These are good enough incentives to become a second-home owner. But there's even more waiting, so long as you make the right choice in your investment asset.
And to choose the right property, there are several considerations you need to factor in, with some of the most important being:
- Location
- Cost
- Rental income potential
- Intended use
- Lifestyle
All these are essential elements that Myrtle Beach properties satisfactorily meet and perform quite impressively on. And it's because of this that they are a worthy investment.
So, to help you understand better just why it makes good financial sense to buy a vacation home in this part of South Carolina, check out this list of all the perks you'll enjoy when you do.
As Tangible as Your First Home
Whether it's from a financial or personal point of view, a summer home is much just like your primary residence: it's an actual investment that you can see and touch. It's something tangible that represents all those years of hard work you've put in.
You will feel the same sense of pride and undeniable satisfaction. But because you took home ownership to the next level, then you most likely will feel these positive emotions.
Increased Happiness, Improved Health
Long have researchers pointed out the positive effects of owning a home. In addition to strengthening finances, more recent studies continue to validate the link between happiness and home ownership.
Here are just a few takeaways from a recent study conducted by the National Association of Realtors:
- Homeowners are more likely to enjoy better health after a rise in housing wealth, which include owning a second home;
- Homeowners report that they hold themselves in higher regard and feel happier compared to renters;
- Individuals who own homes provided higher physical health self-ratings; and
- Homeowners are at a considerable health advantage over their renter peers.
The above points are just a few of the findings that point out the social and psychological benefits of owning a home. But from these alone, you can already see why home ownership brings more than just an elevated status quo.
No Restrictions: Freedom to Use as You See Fit
You're just as free to do exactly what you want with your summer home in Myrtle Beach as with your main home. You can decorate it to suit your personal preference and meet your specific needs. You can change the paint color or wallpaper whenever you want.
Basically, you can do as you see fit, without worrying about strict landlord rules and regulations.
Your Own Summer Home: Yours Alone
Privacy is a common issue many people experience, even during vacations and while booked in typical lodgings, such as hotels. One of the primary reasons you want a retreat is because you desire a quiet place you can get away to whenever the hustle and bustle of your everyday life gets on your nerves.
A vacation home gives you all these and more. Not only will you enjoy ultimate privacy; you'll get the peace you need to relax and de-stress, in a comfortable home-away-from-home environment.
No More (Expensive) Booking Hassles
There's no denying it: The cost of a vacation, especially spur-of-the-moment ones, can take a toll on anyone's finances. Just the average cost of accommodations alone for a 4-day holiday can already set you back $150.
Add to this transportation, food and/or alcohol, and entertainment, and your 4-day vacation can mean an expense average $581 - per person.
So, for a family with three members, this translates to $1,743. Multiply this, say by three times for the yearly number of vacations your household takes, and you're looking at an annual additional expense of $5,229.
Even with just a 4-day stay in a hotel, you can already spend thousands of dollars every year.
So, why not use this cash to invest in a summer home instead? With such a property in your name, you can say goodbye to the pricey fees of holiday accommodations, not to mention the hassles that come with booking them.
Use It Whenever, and as Much as You Like
It's your property, so you can use it whenever you want to go on a vacation, whether on your own or with the entire family. And because you don't have to think of the costs of holiday lodging accommodations, then you can allot an even bigger budget for your trip.
Furthermore, since you have the key to your own summer home, you don't have to worry about squeezing yourself in the nearly-fully-booked hotels. Nor do you have to spend time comparing hotel rates just to get the best deal.
Best of all, being as the house is yours, you can use it as many times in a year as you like and as your schedule permits.
Unlimited Access to the Beach
Majority of summer home buyers primarily intend to use this property as a getaway for family retreats and vacations. The 2017 National Association of Realtors' Investment & Vacation Home Buyer's Survey backs this up, with the study revealing that this majority refers to 42% of vacation home buyers.
As such, a second home is an attractive idea for those who prefer visiting the same area every year, and multiple times at that. In other words, if you love Myrtle Beach, owning a home here provides you with a place you can take the entire family for a much-needed holiday.
And because it's yours, you can enjoy the sparkling and clear waters of the various beaches in this East Coast town whenever you want, and for as long as you want.
Surround Yourself with Healing Waters
Resort areas are undoubtedly on top of the list of preferred summer home spots in the country. In fact, the same NAR study found that a fourth of the participating vacation property buyers wanted properties in such areas.
Why? Because people love the beach, and science backs this up. Studies have established that it's in the nature of humans to seek out water, and in doing so, enjoy plenty of health benefits, from physical relaxation to a clearer, more alert mind.
That's right: Being in or even just near the water can improve your health, so imagine just how better your quality of life will be if you can live somewhere right on the beach. Here are just a few of the amazing things that surrounding yourself with Myrtle Beach's sea waters can bring:
- Physiological benefits, such as reducing joint stress and muscle tension, maintaining optimal levels of hydration, and keeping the skin moisturized;
- Preserved and even improved levels of feel-good hormones, including dopamine, melatonin, tryptamine, and serotonin, which then help in minimizing risks of depression and other mental health issues;
- Improved alertness and higher mental energy;
- Overall better mental health through reduced stress levels and greater positive emotions, such as feelings of well-being; and
- Helps in achieving better sleeping habits and practices, which then aid in strengthening and stabilizing physical and mental well-being.
This isn't an all-inclusive list, which means that you have even more health benefits to look forward to once you become a summer homeowner in Myrtle Beach.
Make Money while the Property isn't in Use
Increased income resources are another big attraction to second homes. Of course, how much you make off your vacation home depends on a number of factors, especially the location and the property's condition.
Even with these variables though, the rental potential of a summer home is a good incentive in itself. This is especially true if your primary intention for it is to serve as a vacation getaway. All in all, it helps you offset your purchase costs of the property, while you keep enjoying the benefits of homeownership.
Keep in mind though, that with Myrtle Beach being amongst the top award-winning vacation spots in the country, you have higher chances of securing your rental deals.
Furthermore, you can use your vacation home as an income source through several ways. First, you can rent it out on a yearly basis. Or, you can put it on a seasonal rental program, such as during summers, winters, as well as Christmas and/or New Year holidays.
Whichever path you take, know that you have options to make good use out of your second home, when you aren't the occupant.
A Smart Way to Diversify Investment Portfolio
This may come as a second- or third-priority, but there are some vacation home shoppers who have the sole intention of using the property to diversify their investments. And in today's investment market, proper asset allocation has become even more essential to a solid financial plan.
Here are some of the most important things to keep in mind when it comes to real estate investments and asset diversification:
- Real estate offers an attractive investment medium for diversity because of its relative low-risk, especially when compared to other platforms, such as stocks and bonds.
- Unlike most investment media, real estate properties, including a second home, appreciates rather than depreciating in value.
- A summer home can provide you with a hedge against inflation, since real estate prices are often minimally, if not affected by serious drops in the market.
While no type of investment provides a 100% risk-free medium, real estate properties remain amongst those with the lowest risks. It's because of this that financial experts still regard it as a necessity for proper asset allocation.
Enjoy Tax Benefits with Your Second Home Too
Just as you would with your primary residence, you can also reap a few tax benefits from your Myrtle Beach summer home. And this applies to both cases of using it solely as a vacation home and renting the property out.
For instance, when you have plans of simply using it as your second home, the mortgage you have on it is as deductible as your first home. Yes, that means writing off the entire 100% of what you're paying in interest, so long as it doesn't exceed the $1.1 million cap.
Don't worry; if you plan on renting out the property, you still get to enjoy tax incentives. You can pocket the entire rental income you make on the property, given that you only rent it out for 14 days or less every year. It doesn't matter how much you charge for it, so long as you don't exceed this number of days, you're good.
And don't forget the property tax deductions you can make. You can do this for all the taxes you pay on any house you own, including your summer home.
Retire in a Beach Property Surrounded by Nature's Beauty
Even when you're still a long way from your retirement, it's wise to start planning for it early. And the sooner you do, the stronger and more stable you can make your retirement finances.
A big player in a solid financial plan for retirees is real estate property. Whether it's primary home ownership, having a commercial property, or owning a summer home, property investments can make a huge difference in your investment portfolio.
And to make things even better, your vacation home in Myrtle Beach gives you the opportunity to retire with majestic sceneries all around you. Who wouldn't want to retire and wake up every single day in a paradise-like environment?
Start Enjoying all these Myrtle Beach Vacation Homes Now
With all these benefits, there's no reason for you not to consider investing in a vacation home in Myrtle Beach.
Whether it's for your own use, for investment purposes, or just for the enjoyment of your entire family, a summer home is one of the best gifts you can give yourself and your loved ones.
So, what are you waiting for? Start your property hunt now with our Myrtle Beach featured properties listing to find out and compare your top options.