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8 Ways You Can Afford To Own A Vacation Home

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5) Buy A Fixer Upper

Another alternative to buying a vacation home is to buy a property that needs some TLC, especially if you can buy it below market price and do a lot of the fixing up yourself. You can potentially double the value of the property by taking out a mortgage and doing the work yourself. After assessing what your mortgage requirements are, you will need to determine the cost of renovating the property and where these funds will come from. Some ideas include a home equity line of credit, a renovation loan tied to the first mortgage, borrowing against a 401(k), life insurance policy, or stock portfolio.

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