We know that many people move to Maine after visiting our wonderful state. But what gets them visiting, anyway? Tourism is a very big business around here (about $13 billion in goods/services each year!) and tourists who spent the night in Vacationland in 2005 gave these reasons for coming...
Reason |
Percent of all tourists |
Touring |
34% |
Outdoors |
21% |
Beach |
12% |
Special event |
10% |
Ski |
6% |
Business/pleasure |
6% |
In 2005 vacation-home sales rose nearly 17% over the prior year. And 1 out of 5 of those buyers said that the vacation home would ulimately become their primary residence upon retirement. Maine has a long tradition as being the location of vacation homes for people from all over the Northeast (and beyond).
An investment property, a vacation home, and a home to move to when you retire....sound like too much to manage? It's not if its all one property. Buying a home 5 or 10 years before retirement and using it for your summer vacations or for long weekend getaways is becoming a more common thing to do here in Maine. It can be a place on a lake, an oceanfront home or condominium, or even a condominium in Portland. It just depends on what your idea of a getaway is and what type of lifestyle you plan for your retirement. With guidance from your financial planner and with the help of a good mortgage broker it is often easier than most people think to make a second home a reality.
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