BUYING OR RENTING YOUR SUMMER HOME IN NEW ENGLAND

Summer in New England is approaching and we can’t wait to get back to some of our favorite summer destinations! Having a place to call your own in a vacation hot spot like Cape Cod or Nantucket can make escaping the city all that much easier as the warmer months roll around and everyone is scrambling to get away! But, knowing whether to buy or rent a summer home can be a daunting decision. Having an idea about what it takes is essential! 

Let’s get into it!

The Yates Team Top Spots to Buy Summer Homes in New England

Let’s start with where to buy, here are some of our favorite locations within a 2-4 hour drive from Boston.

-       Nantucket Island

Located off the southern coast of MA, Nantucket was historically a whaling port. However, it has since been transformed into a luxurious summer getaway and, being an island, it is more remote and exclusive than other Cape Cod destinations. As with many local vacation destinations near Boston, Nantucket has seen an increase in demand from both vacation home buyers and renters since 2020. Nantucket has everything to offer when it comes to being a vacation destination: from relaxing on the beach to exploring some world class dining options like Le Languedoc Bistro or the cute boutiques across the island. Nantucket has long attracted famous visitors, including President Biden. The Biden family has made this visit almost annually since 1975.

-       Martha’s Vineyard

Sitting just south of Cape Cod and to the west of Nantucket is Martha’s Vineyard a long time New England summer colony with harbor towns and lighthouses, sandy beaches and farmland! This island is only accessible by ferry or air! The island is known for its iconic Carpenter Gothic cottages and fun summer activities like the Martha’s Vineyard Fair and of course wineries!

Martha’s Vineyard also hosts its fair share of famous visitors, not least of which has been President Barack Obama, who vacations there with his family and even held his 60^th birthday party on island.

When is the best time to buy a summer home?

According to Forbes, the best time to buy is when the for-sale inventory is at its peak -  generally around July – so you get the most options. It’s also a good time to come to look so you can see what your chosen destination is like during the peak of the season.  A good buyer’s agent will be able to help you find the perfect vacation home!

Buying vs Renting a Summer Home in New England

Buying

- Buying your own vacation home has the obvious upside of always having a place to relax not only during the summer months but all year round. We recommend buying a 2-4 hour drive from your home so it's always easy to get there.

- Your summer home can not only become an investment property for your future (think retirement!) but can also generate some rental income when you are not around – especially during the peak season.

- Your summer home can help you build wealth as real estate values tend to increase over time. 

Renting

- If you still aren’t quite ready to commit to a single summer destination, renting is a great way to go. You can explore all the best New England summer spots before you commit to buying.

- Renting a summer home is more flexible, and there is much more freedom. You can quickly move out of the home, especially if you have a monthly lease.  

- Repairs and maintenance are not your responsibility. Your landlord gets to take care of that, which means no extra cost. 

We want to make this decision easy for you whether you choose to rent or buy! The Yates Team is here to help you make this process seamless. We'll help you locate the perfect summer home in the best location for you. Reach out to our seasoned, competent, highly responsive, and knowledgeable team whenever you're ready!