Do you have a lake house or home in the mountains that you don’t make enough time to go to? You’re not alone.
Or, let’s try that again…
Do you wish you had a lake house or a home in the mountains? Don’t worry, you probably wouldn’t use it anyways.
In a study from LendingTree, it turns out that 53% of vacation home owners said they feel guilty about owning a second home.
Owners of vacation homes say they had intended to make good use of their property, but haven’t gotten around to doing so.
Some have also felt the pressure, with 40% of vacation home owners saying they felt pressured from family and friends to visit the property.
When it comes to buying a second home, the study revealed a sizable number of homebuyers were looking to park their cash in a place that might bring a notable return, with 39% of respondents saying they bought the property as an investment. The second greatest motivation was to own a vacation home (36%), while the desire to rent the property came in third (26%).
Almost half of homeowners said they feel guilty about not using their home as much as they intended, while 37% said they use their vacation home once a year or less.
Those who didn’t use their additional home very often, 31% to be exact, said they sold it because of that.
Here are the other reasons why respondents ultimately decided to sell their second homes: