Growing Tourism in St. Pete: The Benefits of Owning a Vacation Home

After the decimation of St. Petersburg from Hurricanes Helene and Milton, the area is seeing a resurgence, thanks in large part to tourism. In fact, visitors contributed a record $8.29 million to local tax coffers in January alone. That number should trend higher as hotels and vacation rentals continue to rebuild, with 1,400 additional rooms expected to reopen by the end of the summer. 

With this thought in mind, let’s consider seven benefits of owning a vacation home. 

1. You can vacation without the high expense.

Many families have to financially plan before a vacation, saving thousands of dollars and waiting for just the right time. If you own a vacation home, you can ensure the property is vacant on the weekends when you want to escape. Outside of your monthly mortgage (which will hopefully be covered by renters) and  travel expenses (either gas or airline tickets), the financial burden will be fairly low.

2. You can generate an income.

According to the 2022 Vacation Rental Buyer Report, 55 percent of vacation home buyers purchase a second home to add to their income. Another 41 percent of buyers do so with the intention of selling the property at a profit. Fortunately, short-term vacation rental properties are the best kind of financial investments. Thanks to rental management companies like Airbnb and VRBO, it can be easy to rent your home for rates that cover your mortgage — and then some.  

3. You have a built-in spot for family gatherings and holidays.

You may not have room to invite your loved ones to your primary residence for family celebrations, but why not plan to meet up at your vacation home? Depending on where you live and where you own a second home, you can escape the snow in the winter or beat the heat in the summer. It’s the best of both worlds!

4. You can leave some things behind.

Let’s be honest: Packing and unpacking is a lot of work. With a vacation home, you can leave some personal belongings there. While you’ll still need to bring things like your iPad, your current books, and your daily medications, you can leave extra clothes, shoes, non-perishable food and beverages, and even shower supplies and toothpaste, saving yourself time before and after your trip.

5. You always have a place to stay!

Many times, the biggest hurdle in planning a vacation is simply finding the right hotel or vacation house. Nothing is available, the prices are too high, or the options don’t fit your needs. However, if you own a vacation home, you won’t have to worry about any of those things. 

6. You can benefit from tax advantages.

Like your primary home, you can deduct your vacation home’s mortgage interest and property taxes, which will notably benefit you if you’re in a modest income tax bracket. Working with a tax professional may help you save with additional deductions too, like travel expenses to and from the home for property management.

7. You can play a role in the community.

Many people return to their favorite vacation spot again and again. Purchasing a vacation home in that area allows you to become a part of the local community and develop a deeper connection to a place you already love. 

Let The Urban Dog Group help you with your real estate needs. Contact Christine Elias at caerealestate@gmail.com.