More than 1 in 4 vacation homeowners regret their decision to purchase
CHARLOTTE, N.C., Aug. 5, 2019 /PRNewswire/ -- 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.
To view the full report, visit: https://www.lendingtree.com/home/mortgage/nearly-half-of-vacation-homeowners-feel-guilty-about-low-usage/
LendingTree (TREE) is the nation's leading online marketplace that connects consumers with the choices they need to be confident in their financial decisions. LendingTree empowers consumers to shop for financial services the same way they would shop for airline tickets or hotel stays, comparing multiple offers from a nationwide network of over 500 partners in one simple search, and can choose the option that best fits their financial needs. Services include mortgage loans, mortgage refinances, auto loans, personal loans, business loans, student refinances, credit cards and more. Through the My LendingTree platform, consumers receive free credit scores, credit monitoring and recommendations to improve credit health. My LendingTree proactively compares consumers' credit accounts against offers on our network, and notifies consumers when there is an opportunity to save money. In short, LendingTree's purpose is to help simplify financial decisions for life's meaningful moments through choice, education and support. LendingTree, LLC is a subsidiary of LendingTree, Inc. For more information, go to www.lendingtree.com, dial 800-555-TREE, like our Facebook page and/or follow us on Twitter @LendingTree.
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