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