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Vacation Home Guilt

Those fortunate enough to purchase a vacation home intend to make good use of their…

  • August 20, 2019

Those fortunate enough to purchase a vacation home intend to make good use of their property, although LendingTree’s latest survey of secondary homeowners finds that many haven’t been able to do so.

LendingTree commissioned a survey of consumers who own or have owned an additional home outside of their primary residence to identify trends and gather sentiments about their decision to own multiple properties.

Key findings

  • When it comes to additional homes, investment properties are most popular. Investment properties account for 39% of secondary homes, followed by vacation homes (36%) and rental properties (26%).
  • About 1 in 2 vacation homeowners (49%) feel guilty about not using their home as much as they intended and more than a third (37%) only use their vacation home once a year or less.
  • More than half (56%) of vacation homeowners bought their home with the intent to rent it out
  • Just under a third (30%) of those who are current or former owners of an additional home aside from their primary residence — whether a vacation, investment or rental property— rent it out year-round, while about 4 in 10 (41%) don’t rent out their additional home at all.
  • Of those who decided to sell their additional home, 31% said they did so primarily because they didn’t use it often.
  • More than a third (36%) of vacation homeowners report they vacationed in the area for one to three years before buying their home.

LendingTree is online marketplace that connects consumers with financial services.