08/9
Guilt over Vacation Homes – Do You Feel the Same?
Ever make a purchase and immediately regret it?
Well, it turns out that 1 in 2 vacation homeowners – about 49% – feel guilty about not using their vacation home enough.
According to a new report from LendingTree, vacation homeowners are riding the guilt trip after not using their second home as much as they planned they would. 26% of survey respondents personally use their home more than five times each year, while 37% only use their vacation home once a year or less.
Why did homeowners buy a second home, if they weren’t planning on using it?
Well, 56% of these vacation homeowners planned to rent it out when they weren’t personally using it, but nearly 6 in 10 have never rented out the property. Just under a third of those rent their property year-round.
Those who felt guilty enough to sell their property, did so because they didn’t use it often (31%), needed income from selling (29%), believed it was too expensive (14%), wanted to buy another home elsewhere (8%), or no longer enjoyed visiting the area where their home was located (6%).
How many times do you think these vacation homeowners would need to attend their home before feeling satisfied with their purchase?
Check out Alliance’s Blog to stay up-to-date with current housing trends and guides.