Permanent Vacation: Relocating to your second home

Wouldn’t it be nice if you could stay on vacation all the time? Surprisingly, some people are thinking of ways to do just that. One suggestion is to switch your primary residence to your vacation home if you’re lucky enough to own one.

Recent surveys have shown that many people are itching to replace their first home with their second. The most common reasons given for this desire include improved weather, more time for relaxation and a lower cost of living, according to a survey conducted by Home Away.

Switching to your second home actually has some advantages. Because you own both properties, switching between them is relatively easy. Hiring a household moving company to consolidate your belongings in your vacation home would allow you to take all the time you need preparing your original home for the market.

There are also some tax advantages to switching residences. Depending on your situation, declaring your vacation home your primary residence – especially if it means downsizing – could save you a bundle on your annual filing if you time it right, according to Crestico.

Moving out of state – or even out of the country – to your vacation home might not just be an idle fantasy.