Summer has turned many people’s thoughts to second homes and Ludlow VT vacation homes. Unfortunately, though, encouraging statistics about the Ludlow VT vacation home market have been muffled under some of the negative news about the current economy and housing market.
According to the National Association of Realtors’ 2007 Investment and Vacation Home Buyers Survey, second-home sales accounted for one-third of all existing and new-home sales in 2007. A large portion of those purchases were vacation homes. So – why do families buy these “homes away from home?” The survey found that several factors go into the decision to buy a second home. Eighty-four percent of buyers wanted to use the home as a family retreat; thirty percent planned to use the home as a future primary residence; twenty-six percent want to diversify investments, and 25 percent plan to rent the home out to other families.