Financial Planning

Living Your Best Summer Life

May 24, 2023

By Thomas Beirne III, CFP®
Vice President, Senior Wealth Planning Officer and Business Development Manager

Ah, summertime. Those lazy, hazy days perfect for living your best life, creating lasting memories ... and fine-tuning your long-term wealth plan.

What are you dreaming of this summer? Whether you’re considering buying a new vacation home, budgeting for a major vacation, or transforming your existing property into a summer oasis, a little goals-based planning can help you live your best summer life while staying on track financially.

Investing in a Vacation Home

From a bungalow on the beach to a cabin in the woods to a slope-side ski chalet, a vacation home is a cherished sanctuary for building lifelong memories, as well as creating a potential for long-term financial gain.

  • Plan for ongoing expenses. Don’t forget to take into account ongoing expenses such as taxes, property management fees, utilities, and potential repairs to ensure a sustainable investment.
  • Choose wisely. Choose a dwelling and location that suits your lifestyle and preferences, including proximity to amenities, recreational activities, and rental potential if you plan to monetize the property.
  • Cost Factoring. Work with your wealth advisor to determine how much you can reasonably afford for a vacation home and the financing options (mortgages, lines of credit, existing assets, etc.) best suit you and your long-term goals.

(If you have an existing vacation home you’d like to preserve to pass down to the next generation, here are some things to consider.)

Hitting the Road

Summer vacations create priceless experiences and memories. Are you a new retiree? There’s no time like the present to invest in those memories, taking advantage of your optimal energy, health, and mobility.

  • Define your travel goals. Are you dreaming of an exotic destination or a cross-country road trip? A quiet excursion for two or a bucket-list experience with the kids and grandkids? Choose destinations that fit your lifestyle, health, and preferences.
  • Do your homework. With a little planning, you can take advantage of destinations, airlines, and accommodations and find significant savings on the best deals.
  • Be mindful of overall cost. Your wealth advisor can help you to determine a reasonable vacation budget and set up a dedicated vacation fund with automatic transfers.

Creating A Backyard Oasis

Transforming your home and back yard into a vacation oasis can provide a relaxing and entertaining escape without leaving the comfort of your own property.

  • Set your priorities. Are you looking for a serene outdoor space, a refreshing pool, or an outdoor kitchen or tiki bar for entertaining? Define your priorities and allocate resources accordingly.
  • Seek professional advice. Consult with architects, interior designers, or landscape professionals to maximize the potential of your space, lighting, landscaping, furniture, and amenities that align with your vision.
  • Invest wisely. Consult with your wealth advisor to prioritize essential upgrades, evaluate the best financing solutions based on your circumstances, and maximize your return on investment.

Washington Trust Wealth Management: Your Summer Living Experts

Whether you’re planning a vacation home, major vacation, or a backyard oasis, Washington Trust Wealth Management is here to help you live your best summer life while staying on track financially. Our forward-thinking and goals-based wealth advisors will help you set priorities and structure goals so you can maximize your experiences without capsizing your long-term wealth plan.

Connect with a wealth advisor

No matter where you are in life, we can help. Get started with one of our experts today. Contact us at 800-582-1076 or submit an online form.

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This material is presented for informational purposes, and nothing herein constitutes legal, accounting, or tax advice. Please consult with an attorney or tax professional regarding your specific financial, legal or tax situation.

The views expressed here are those of Washington Trust Wealth Management and are subject to change based on market and other conditions. Investment recommendations and opinions expressed in these reports may change without prior notice. All material has been obtained from sources believed to be reliable, but its accuracy is not guaranteed.