– Ed Cushins
LOS ANGELES, CA, US, September 16, 2022 /EINPresswire.com/ – “As founder of Vacation Property Partners, I encourage careful thought, analysis, and prudence before taking this big step to purchasing a vacation home,” Ed Cushins, vacation property visionary and entrepreneur . “Here are a few things you can keep in mind to mitigate some of the potential errors mentioned in the Yahoo Finance article.”
Make an emotional investment
Cushins continues, “I couldn’t agree more that vacation home buyers need to fully understand all the financial aspects of buying a vacation home. That’s why we’ve created a unique and easy-to-use Vacation Home Expense Calculator that is free on our site.”
“It’s the only analysis tool we know that is available to buyers to see, in detail, the overall cost of each component of owning a vacation home. And how they can actually cut all those costs in half. But while you need to do your financial due diligence, I would encourage you not to overlook the investment. emotional, and making sure that the place you get will provide you with the happy memories you buy in a vacation home in the first place.”
Don’t look too closely around
This is more true for first time holiday home buyers who are busy in an area on their first visit and make a quick decision that they think they want to buy a home there. They visit on a sunny week in winter from their frozen hometown and can’t imagine it’s 100 degrees and humid there in summer.
Says Kushins, “If you’re planning to use the vacation home in seasons you haven’t experienced there yet, it might make sense to visit at that time, or at least ask your broker or some locals what it is like at other times.”
buy invisible sight
Cushins continues, “As far as buying unseen scenery in an area you don’t know, I have to agree with Greer on this. But with virtual video tours and other resources available these days, once you’ve decided you like the area, it’s very rewarding to choose a specific property to buy from. Remote. However, it is a great investment without a visit.”
Don’t stick to your budget
“More than that these days with a tight market, I think it’s a very small percentage of people who stick to a purchase price budget when buying their vacation homes,” says Cushins. “They always see something they want that’s a little more expensive than they planned and they jump in, which isn’t necessarily a bad thing. But as Greer points out, all financial factors must be considered. As I mentioned, our Vacation Home Expense Calculator allows you to quickly and easily see the comprehensive analysis ( Including rental income) for your vacation home ownership, so you can avoid cash flow surprises.
Thinking that it is easy to manage a vacation home from afar
Kushins continues, “Depending on how much engagement you want to get, it’s easier than you might think to run a vacation home from afar. You can hire a full-service company like Vacasa to handle all the servicing and maintenance including rentals, or do it yourself with VRBO / AirBnB and get good referrals for other services like maintenance, repairs and landscaping as needed.”
“A few other things to consider are your long-term usage expectations (will your kids go surfing with you for their summer vacation when they are in college?) and how this might affect your exit strategy. Using our family as a size 1 sample, Our holiday home was a great experience!We bought it about 15 years ago.It’s a two and a half hour drive from our main house and our use of it has increased every year and our kids now have our kids and love to use it too.We don’t rent it (HOA restrictions) but we allow For friends and family choosing to stay there as well as house swap (great use). We get a lot of fun use out of it and it’s been a great investment, although the family loves it so much we’ll probably never sell it,” concludes Cushins.
Biography: A former US Navy officer and successful businessman, in 1992 Ed created HomeExchange.com, one of the first online community online, and pioneered the sharing economy before the term was coined, paving the way for companies like Uber, Airbnb and others. The hit movie THE HOLIDAY used its location as an introduction to how the characters Cameron Diaz and Kate Winslet met. As a sought-after expert in travel and the sharing economy, he has spoken at seminars, symposia, and conferences around the world, and has been featured in major media including featured articles in The New York Times, Wall Street Journal, Los Angeles Times, and numerous international publications.
After selling HomeExchange.com in 2017, Ed saw the opportunity to blend owning and sharing to allow millions of families to realize their dream of owning a vacation home. His vision for VacationPropertyPartners.com is an easy-to-use website with tools and features that make owning a vacation home with a partner affordable, convenient, and worry-free. Vacation Property Partners makes vacation home ownership affordable for everyone by cutting the cost of ownership in half.
Ed is an active member of Rotary International and a longtime supporter of the Wounded Warrior Project. When he’s not traveling the world with his wife Terry, he stays active by hiking, swimming, and golfing. They live in Hermosa Beach, California.
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