Destination Relocation: Pros and cons of buying real estate in your favorite vacation town

Written by Posted On Tuesday, 05 February 2019 06:09

Imagine starting each day by sipping your morning coffee on an oceanfront balcony. Sun is rising, waves are rolling in, birds are chasing the tides. Does a more relaxing thought exist? Maybe you prefer the solitude of the forest and like idea of waking up surrounded by mountains with the sound of wind blowing through the trees. Wherever your preferences happen to be, we all have a favorite vacation destination, but very few of us opt to live there.

But we don’t, so why? It can’t hurt to consider it, so let’s take a look at some of the pros and cons of living where to vacation. We’ll start with the positives.

Pros

The Obvious

All of the things you dream about seeing and experiencing on vacation are now in your backyard (or thereabouts). No more wishing and dreaming about sitting on the beach with your toes in the sand or fishing from the local pier. You now live where your dreams do. You’ll save time and money on travel and you’ll have ample time to explore the things you never could get to in a week.

Meet New People

Besides the obvious, meeting new people from all over the globe was one of my favorite parts about of living in a beach town. The chance to make new friends from other cities and cultures can open all kinds of doors. These connections can set you up for new travel opportunities and lifelong connections.

Quality and Quantity

Where there are tourists, there are ample ways and means for tourists to spend money. In most vacation towns you’ll have your pick of the litter when it comes to restaurants, shopping, and entertainment options.

Future Investment Property

Even if you grow bored of your new hometown or need to relocate for work, the money you can earn renting out that beachfront condo or cabin in the woods can serve as a great ROI. And with sites like Airbnb and Vrbo, it’s quick and easy to list your home for rent, even if you just want to make a little extra cash while out of town on business.

Cons

Industry Limitations

The brutal truth is that vacation towns are rarely synonymous with banking headquarters or tech meccas. Low paying retail and service jobs are in abundance while decent paying business and IT positions are few and far between, not to mention ultra-competitive.

Traffic

It’s good to be realistic and consider what happens when tourist season arrives. Your stroll along the beach or hike through the woods might not be as peaceful during these times. Restaurants will require reservations and shops will be crowded. Getting to and from work and wherever else you need to go might also take longer due to the increased traffic.

Novelty Can Wear Off

There’s something to be said about too much of a good thing. After 5 years of living along the coast, I wasn’t sick of the beach, but I did find myself going less and less because I knew it wasn't going anywhere.

Cost

Without a doubt it’s more costly to purchase a beachfront home or a ski chalet, but there’s also typically a higher cost of living overall. Food, entertainment, transportation, and even utilities can be a bit more expensive at your favorite destination.  

Takeaways

We’ve all thought about it before. We’ve all wished our vacation was just a little bit longer and it doesn’t hurt to consider what life would be like. A recent survey revealed that 46% of Americans spend their weekends working and 21% said they worked while on vacation, so living where you vacation could be the perfect solution to this problem. But there can definitely be some drawbacks, so being realistic about your next move and drafting up a pro and con list of your own could help to make your dreams a reality.

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