When you buy a vacation home, you’re making one of the few investments that offer both personal and financial rewards. And you don’t have to be a real estate tycoon to pull it off.

Buy a vacation home to live on your terms

Buying a vacation home allows you to diversify your income, build wealth, plan for retirement, and, of course, take a vacation at no extra cost to you. Some investors weigh one benefit more heavily than the others, but once you’re clear on why you want to buy a vacation home, you can focus your search and match your investment with your priorities.

Diversify your income

When you buy a vacation home and choose to rent it out, it’s possible to create a new, short-term rental revenue stream. This income could supplement…

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Vacation rental homes are spiking in popularity and for good reason. A 2016 HomeAway survey showed that 70% of vacation rental homeowners could pay at least half the mortgage on their vacation home from the rental income it generates. For owners who work with professional property managers, the cash flow benefits may be even greater.

Investing in a vacation home that’s also a vacation rental can create a best-of-both-world scenario: You get to enjoy downtime in one of your favorite locations while getting an income-generating property that helps pay for itself. Full-service vacation rental management companies like Vacasa make life even easier by booking and communicating with guests while also managing the day-to-day responsibilities of the…

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Once you have a clear understanding of why to buy a vacation home, the next step is understanding the cost—whether you can afford it.

Budgeting for a vacation home is different than your primary residence, in part because mortgage lenders and the IRS will treat your purchase differently based on whether they categorize it as a second home or an investment property.

Mortgage lenders and the IRS look at different factors to categorize your home (and may define them differently), but generally speaking, an investment property is rented out to generate additional income while a second home is for your own personal use. Taking out a mortgage may be easier for a second home than an investment property, but there are trade-offs when it comes to how you…

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Before you sell, consider swapping your aging income property for a vacation home in a like-kind real estate exchange.

Put simply, a 1031 exchange is IRS-speak for swapping one income property for another. It’s a unique tax benefit—with some specific requirements—that’s becoming more common in real estate deals as property owners increasingly look to trade up for vacation homes.

In 1031 exchanges (or "swaps"), you’re changing your investment in the eyes of the IRS, transferring the gain from one property to another while allowing your investment to grow tax-deferred. If you qualify for a 1031 exchange, you’ll defer paying taxes on the sale until you sell many years later. And since there are currently no limits to how many times you can 1031…

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The Perks of Being Pet-Friendly: Irresistible Revenue Boosters

Opening your vacation rental to four-legged guests isn’t just heartwarming—it’s a savvy business move. By marketing your property as pet-friendly, you tap into an underserved market segment willing to pay premium rates. Let’s explore the top ways pet-friendly policies translate directly into higher rental revenue.

Increased Booking Volume

Increased Booking Volume

Accessing a Larger Audience

Families and couples traveling with pets often struggle to find suitable accommodations. By advertising “pet-friendly” prominently, you immediately capture this niche. Recent industry data shows pet-friendly properties receive up to 30% more booking inquiries than their non-pet counterparts.

Reduced Vacancy Days

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Michigan is loaded with terrific ski and riding areas. No matter where you go in the state, from the southeast corner by Detroit to the northwest corner in the Upper Peninsula, you’ll find outstanding slopes. But the skiing and riding that made Michigan famous for downhill thrills and fun are all located at the top of the mitten in the Petoskey Area. The three Petoskey Area resorts — Boyne Highlands, Boyne Mountain, and Nub’s Nob — have a total of nearly 170 downhill runs.

No matter what your ability, there are more than enough to keep you coming back for more. When you step off the slopes, the four communities of Petoskey, Harbor Springs, Bay Harbor, and Boyne City beckon with shops, restaurants, music, and warm northern Michigan hospitality. Since all…

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Experience the Timeless Ironton Ferry

Ironton Ferry is a four-car cable ferry that crosses a narrow point on the South Arm of Lake Charlevoix in the U.S. state of Michigan in the unincorporated community of Ironton.  The Ferry connects Ironton, located about 5 miles from Charlevoix, Michigan, to Boyne City, Michigan.  The ferry crosses the lake about 100 times a day.  The current vessel went into service in 1925.  The ferry is 50 feet long, 30 feet wide, and weighs 43 tons. 

It's powered by a diesel engine with a hydraulic drive system that features propellers at both ends. Two different cables are guiding the ferry since it doesn't have any rudders.  The slack in the cables drops 25 feet below the surface to allow boats to pass. The ferry has the…

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Northern Michigan Escapes Ultimate Guide: 10 Strategies – Master short-term rental management with expert tips on pricing, marketing, and guest experience to maximize ROI.

Northern Michigan Escapes - We began with one home and one idea

Our Founder Brook Walsh and his wife, Rachel, realized they could provide better and more cost-effective services to homeowners than other property managers could, A LOT better.

Brook used his background as a Chief Information Officer, and a customer-first approach to business, to make vacation rentals easier and better for both guests and homeowners—that’s how Northern Michigan Escapes was born. 

 

Our Vacation Rental Management Program

Introduction to Northern Michigan Escapes - We began with one home and one idea

Northern Michigan Escapes is all about creating seamless,…

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SOLD: 246 E Main St #1 Harbor Springs, MI 49740 - $249,000
MLS: 459224 - $249,000

Newer street-level retail condo, right downtown on Habor Springs Main Street with the new restaurants and new Lyric Theatre offering plenty of foot traffic. Great street frontage and windows give a great opportunity to display the wares. Historic ambiance with 10 ft ceilings, crown molding, ceiling fans, and white oak floors, but with elevator to 600 sq ft lower level storage with high ceilings. Fire suppression system. (Click here to see all Harbor Springs, Michigan Homes for Sale)

For help selling your Harbor Springs Commercial real estate or your Harbor Springs home contact Brook Walsh - brook@nmescapes.com, www.brookwalsh.com or (231) 459-3179 today!

All…

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SOLD: 02501 Disciples Court Boyne Falls, MI 49713 - $425,000
MLS: 458058- $425,000

If you’re looking to own a property on Boyne Mountain Resort, you need to see this condo in person! This ski-in/ski-out condo in Disciples Village is a one-of-a-kind unit and is perfect for anyone looking for a slope-side vacation home. The ski hills are so close that you can see the Disciples Ridge chairlift from the upper-level living room. It’s a turnkey condo with two adjoining units that can be used together or locked off and enjoyed separately. (Click here to see all Boyne Mountain Homes for Sale)

The upper-level unit is two stories and has three bedrooms, three bathrooms, and a kitchen and living area with views of the ski hills. The lower-level unit has its own…

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