Now is a great time to be buying an inexpensive vacation home. They are more affordable than ever and money is cheap. If you can use a pre-retirement vacation home as place to ultimately downsize, it can make a lot of sense to buy it and enjoy it now. That’s what we have done.
Places to Buy Affordable Vacation Homes
- Borrego Springs, California – median price $236,000
- Cripple Creek, Colorado – median price $132,000
- Hyannis, Massachusetts – median price $244,000
- Montague, Michigan – median price $104,000
Apparently, each of these areas has experienced a decline in home prices of at least 10% to 20% with a bottom expected within the next year. So now is the time to make a move.
Each of these vacation home locations offers something different.
Borrego Springs is close to San Diego and offers desert living near a state park. If you are a golfer or like outdoor activities, this would be a great spot. However, you will have to deal with state taxes which are extremely high in California and going higher.
Cripple Creek is an old mining town near the bottom of Pikes Peak, so this is another spot for the lover of the outdoors and cold weather activities. If you are interested in building a new home, Cripple Creek Mountain Estates has building lots available.
I was shocked by the low median prices for homes in Hyannis, which is known for the rich and famous. Apparently, these prices are for homes near the town center, not on the water which is nearby. I am not a fan of the Cape Cod area because of the huge summer crowds and the cold ocean water. But if that doesn’t bother you, check out the area and see what you can buy in the $200k range.
I had never heard of Montague, Michigan but it seems it is a popular spot for folks living in Chicago who want to spend time on the lake. In this case, we are talking about White Lake which connects to Lake Michigan.
There is lots of interesting information about this lake vacation home community on the Chamber of Commerce site. I’m not sure how long the boating season is in that part of Michigan but if you can get on or near the lakefront for anywhere close to $104,000, that is a tremendous bargain for a vacation home property almost anywhere.
Inexpensive Vacation Homes – Additional Thoughts
The four vacation home spots featured by Money Magazine probably just scratch the surface of the bargains that are available. I am a big fan of waterfront living and prefer lake homes over the oceanfront. If you also are interested in vacation home property on or near a lake, don’t overlook my lake house spot on Lake Barkley near the Land Between the Lakes National Recreation Area, in Kentucky. There are bargains there now as well. In addition, Kentucky is tax-friendly to retirees.
I hope you can find your own bargain in affordable vacation home property.
Image credit: Pacific Pelican