How to buy a vacation home in 8 steps

Owning a vacation home is a dream for many people — a beautiful home away from home where you, your family and your friends can relax, reconnect and enjoy living like a local in your favorite vacation destination.  Yet full second home ownership isn’t always the right fit for everyone. Owning a vacation home can be expensive, require a lot of effort to 1. Renting a vacation home When you Benefits of renting a vacation home  When you rent a vacation home, you enjoy a lot of flexibility. You can choose to stay in a different home, in a different destination, every time you travel. You can choose a smaller home for traveling with your immediate family, then a bigger home for a multi-generational trip or a trip with a large group of friends. Stay at a beachfront home for a warm-weather getaway, then spend a winter weekend on the slopes in your favorite ski resort town.  When you rent a vacation home, you won’t have the large investment of a down payment and monthly mortgage payments, nor will you have a long-term commitment.  Drawbacks of renting a vacation home When you rent a vacation home, you won’t build equity as you might with second home ownership. You also can’t make any changes to the home to suit your needs — what you see is what you get. Finally, you may have to negotiate rental restrictions and book far in advance to find a rental that suits your needs.  2. Timeshares With a Benefits of timeshares  As a timeshare owner, you enjoy cost-sharing benefits — per-night stays can often be cheaper than hotel bookings. And, since most timeshares are in a hotel or resort setting, you’ll enjoy access to on-site amenities and perks. Many people appreciate the predictability of their vacation costs as timeshare owners (although fees can vary year to year).  Drawbacks of timeshares  Just because the pricing is more predictable with a timeshare doesn’t mean it’s always affordable. Some of these programs have high annual fees and expensive maintenance costs that may increase each year. Another downside is that it may be hard to find availability during peak seasons in popular destinations. Finally, timeshares often depreciate in value over time, making it hard to sell your shares when you decide you no longer want to participate.  3. Vacation clubs As the name implies, vacation clubs are membership-based programs. In exchange for a one-time initiation fee and the cost of an annual membership, you get access to hotels, vacation homes, and, in some cases, travel experiences all over the world. You’ll find vacation clubs associated with major hotel brands, as well as Benefits of vacation clubs  While the specific perks vary from one club to the next, generally vacation club members enjoy access to a wide range of accommodations around the world, some of which are inaccessible to the general public. Nightly rates are discounted, and a host of amenities are included. Compared to other travel options, members often find bookings to be flexible. Membership also usually comes with perks such as concierge services, discounted rates on other types of travel and loyalty rewards.  Drawbacks of vacation clubs  The biggest drawback to being part of a vacation club is that membership can be expensive. Some also require long-term commitments, which make it difficult to cancel or modify your membership. Like many types of travel, members may find it difficult to book in-demand destinations during peak seasons.  4. Home exchange programs  Home exchange programs let you swap your home with another homeowner, offering a low-cost, immersive way to travel. Instead of paying for lodging, you and another household agree to exchange homes for a set period. It’s a community-driven option that’s gaining traction, thanks to platforms like Advantages of home exchange programs The biggest benefit of home exchanges is affordability. With no nightly rental fees, you can explore new destinations without stretching your travel budget. It’s also a unique way to live like a local, staying in a real home instead of a hotel. For those open to adventure, it’s a great way to experience different cultures in an authentic and cost-conscious way. Drawbacks of home exchange programs Home swaps come with some limitations. You’ll need to list your home and be willing to host someone else at the same time, which may not work for everyone’s schedule. Finding a compatible match in the location you want to visit can also be challenging, especially during peak seasons. And because you’re trusting someone with your home (and vice versa), communication and mutual respect are essential. 5. Co-ownership With Advantages of co-ownership The biggest benefit of co-ownership is the cost-sharing. Instead of shouldering the entire cost of buying and owning a second home, multiple owners split everything: the purchase price and the cost of maintenance and management. Because multiple parties pool their money, owners may be able to access a higher-end property than they’d be able to afford on their own. When you become an owner of a Pacaso, for example, you’ll enjoy a hassle-free, Drawbacks of co-ownership When you co-own a property, you have to equitably share time in the home with your fellow owners, so you may not be able to stay in the home every time you’d like. There’s also the potential of conflict or disagreements with your co-owners. Finally, you won’t have the full ownership benefits you’d enjoy as a single owner.  Co-own your dream home with Pacaso If co-ownership of a second home is the best fit for your vacation goals, budget and lifestyle, consider Pacaso. Our unique Fully furnished and expertly designed Pacaso homes are available in

When you fall in love with a dreamy house, one of the first questions that comes to mind is ‘How much should a Our second home mortgage calculator can give answers to that question and more — minus the tricky math on your part. You’ll also want to read through our list of How to use the second home mortgage calculator This easy-to-use calculator breaks the number-crunching down into a few steps. Simply plug in details about your total monthly income and debt obligations, then continue on to determine how much you should spend. The calculator is only as accurate as the numbers you put in, so try to be as exact as possible with your current financial status. Let’s walk through the steps: Step 1 On the first screen, you’ll input some of your financial data to calculate your monthly debt-to-income ratio. As you do, here are the figures you’ll be asked to enter: Step 2 On this screen, you’ll see your current debt-to-income ratio (DTI). A commonly used term in real estate lending, DTI is calculated by dividing your monthly debt obligations by your gross monthly income. The lower your DTI, the more favorable you will be seen by mortgage lenders.  This screen also shows you your estimated cash on hand. This is the amount of money you have left over each month after deducting recurring expenses. Step 3 This step helps you figure out how much you should spend on a second home. You’ll be asked to input the following information: Step 4 Here, you’ll see your results. Based on all your inputs, you’ll see how much you can afford to spend on a second home. If you’d like to explore Pacaso second homes, you can simply click “ Now that you’ve done the math, let’s explore how you can make second home ownership work for you. 5 factors to consider when buying a second home Since lenders make money off of Remember that in addition to monthly mortgage payments, second home owners are still responsible for: These added expenses can easily cut into your cash on hand. That’s why it’s important to figure out how much you can afford for a second home by using our second home mortgage calculator, also known as a For added help in getting the right mortgage loan, check out these five simple tips: 1. Know your financing options Knowing how you plan on The purchasing method that’s right for you will largely depend on your current financial status, which we’ll get into next. 2. Revisit your current financial status Lenders want assurance that you will be able to uphold the terms of your loan, so they’ll look at your current financial situation. Considering purchasing a second home? A key financial metric to assess is your debt-to-income (DTI) ratio. To comfortably afford a second property, your DTI should ideally not exceed 45%. While this threshold is a general benchmark, having a favorable credit score, a substantial down payment or considerable cash reserves can provide added flexibility. Ensuring that these financial parameters are in check will guide you in making an informed decision about acquiring a secondary residence. Typically, you will need to have a favorable credit score, as anything below 640 could result in a rejected application.  3. Understand second home mortgage requirements The second home buying process is similar to buying a primary home, but it does have stricter requirements. Along with having higher interest rates — usually 0.5% to 1% higher — The rule of thumb is that your housing and debt payments should add up to 36% of your pre-tax income at most. Sticking to this guideline can prevent you from being “house poor,” which means tying the majority of your income up in housing expenses and leaving little cash on hand for unexpected expenses, either related to your second home or not. Be prepared to pay at least 10% of the second home’s value as a down payment. This is substantially higher than the rate for a primary mortgage due to the added loan risk.  4. Know your options for second home ownership Getting a second home mortgage may be out of reach if your goal is to become the sole owner, but that’s not your only option. Pursuing Purchasing your home through a co-ownership model like Pacaso manages the property for you, ensuring it’s flawlessly maintained and stocked with the essentials you need for a relaxing stay. This sort of 5. Learn how to increase your borrowing power After evaluating your finances, you may find that you don’t meet the requirements for purchasing a second home at the moment. The good news is that you have the power to increase your appeal to lenders with just a little time and strategy. Applying these strategies can put you in a stronger position to get an affordable loan down the road. Key differences between primary residence and second home loans When you’re exploring a second home purchase, it’s important to understand how financing differs from your first home. While the loan process might feel familiar, second home mortgages come with slightly stricter terms. From down payments to interest rates, here’s how the two compare side by side: A simpler path to second home ownership When you’re ready to make a

At first glance, If you’ve reached the point where you’re exploring the best way to get out of a timeshare, you’re not alone. Here’s how to navigate your options and exit with as little financial strain as possible. 1. A rescission period is a short period of time you’re allowed to change your mind and walk away without incurring a fee. It varies state by state (where the timeshare is located, not where you live), but To take advantage of the rescission period, you’ll need to write a letter to the timeshare developers with the following information:  This is one of the less expensive options to get out of a timeshare, as you only need to purchase the stamp needed to send your letter. For best results, consider sending a registered letter to ensure that the timeshare company receives your document. 2. Try a timeshare deed-back A timeshare deed-back program, also known as a buyback program, is when the timeshare company buys your timeshare back from you. It’s a legal, low-cost way to give the property back to the resort. However, not all resorts and timeshare developers offer this option, and you may have to be in good standing with the resort to qualify for the program.  Even if this option is available, sometimes only major life events like job loss or death qualify. Before pursuing this option, check your contract to learn Examples of deed-back programs include: 3. Sell your timeshare on the resale market If your rescission period has expired and your timeshare developer doesn’t offer a buyback program, take matters into your own hands by selling your timeshare on the resale market. Keep in mind that this option may only apply to those who have completely paid off their timeshare. Timeshares still tied to loans will be listed as “encumbered.” Here is a step-by-step process for how to get rid of a timeshare that’s paid off: One of the major Places you can sell your timeshare include:  4. Find a timeshare exit company A timeshare exit company is a last resort for owners asking the increasingly common question, “How do you get out of a timeshare?” If other methods are unavailable to you, you should consider working with a company that specializes in complicated timeshare exit procedures. Unfortunately, there are many timeshare exit company scams on the internet, so here are a few tips for how to find a legitimate contender: Keep in mind that exit companies do what you can do yourself, but simply free you from the headache of communicating with the timeshare developers. Examples of timeshare exit companies include:  5. Donating your timeshare to charity seems like an easy way out of those rising fees, and you might even get a tax write-off. But it's not free. You'll still pay maintenance fees, taxes, and transfer costs until the charity officially owns it. If you want a big tax deduction, you'll also have to pay for an appraisal. Some charities might even ask for a cash donation to help cover their future expenses. Examples of where to donate your timeshare include: 6. Hire a contract law attorney  Although it’s one of the most expensive options, hiring a timeshare lawyer (aka a contract law attorney) is a must for timeshare owners tangled in multiple contracts. These legal professionals help you get out of a timeshare legally by combing through your timeshare agreement(s) for loopholes like the rescission period and deed-back programs. If you try to negotiate these terms on your own, a timeshare developer may try to sway you by offering “free” upgrades if you keep your timeshare.  However, each upgrade can generate a new contract that further complicates the exiting procedure. A contract law attorney can help you make sense of these contracts and mitigate the costs of exiting. Recap: what are the six timeshare exit strategies? To summarize, here’s a breakdown of each of the six timeshare exit strategies and their associated costs, pros, cons, and who would benefit from each. What are the dos and don'ts when exiting a timeshare? In many cases, exiting a timeshare requires a solid game plan and multiple exit strategies in case your first plan doesn’t work. Here are the best practices for how to get out of timeshare ownership: If you want to learn how to exit a timeshare without spending thousands of dollars or falling prey to a scam, avoid these methods: Pacaso vs. timeshare: which one is best for me? If you want to avoid the hassles of a timeshare altogether, or you simply want a better way to enjoy a vacation property — With Pacaso, each home is co-owned by a small group of up to eight buyers through a professionally managed LLC. That means more privacy, more flexibility in scheduling, and significantly more time in the home than the one-week model common in timeshares. And because your ownership is tied to real property, your share can appreciate over time — offering potential financial upside instead of the depreciation many timeshare owners face. Pacaso also handles the heavy lifting: design, furnishing, maintenance, repairs, bill management, and cleaning. So you get all the enjoyment of a second home without the hassle of managing it. And if your needs change, Pacaso provides a If you want the comfort of a beautifully maintained home, the benefits of real estate ownership, and a simple, stress-free way to make the most of your time away, Pacaso delivers a smarter, more flexible alternative to traditional timeshares.

When Consult with a financial advisor to ensure that this aligns with your overall financial strategy and that you fully understand the terms and potential risks involved. What is a home equity loan? A home equity loan allows homeowners to borrow money by using the equity in their home as collateral. Equity is the difference between the market value of your home and the outstanding balance on any existing mortgage. Not to be confused with a HELOC, a home equity loan is a lump-sum amount. Both funding sources, however, are exclusively for current homeowners looking for a Here are the main characteristics of this loan type: It’s important to note that if you fail to repay the loan according to the terms, the lender can potentially foreclose on your property. Can I use my house equity to buy another house? You can use the equity in your current house to buy another house. Although specific scenarios warrant using a home equity loan, you should use one prudently to prevent financial instability. When to use a home equity loan Using a home equity loan can be a strategic financial move in a few situations, such as:  In the right circumstances, a home equity loan can be the key to When to avoid a home equity loan Unless you’re investing in a home for the reasons above, you may want to consider avoiding a home equity loan as a funding option — especially for the following reasons: Before using a home equity loan, carefully evaluate your financial goals, purpose and ability to repay.  Requirements for a home equity loan Getting approved for a home equity loan to buy another house isn’t an automatic process. Lenders want to be confident you can manage the additional debt. To qualify, you’ll need to meet several financial requirements that show you’re in a strong position to borrow. Below are the most common eligibility factors lenders evaluate: Meeting these requirements doesn’t guarantee approval, but it positions you as a lower-risk borrower. This can make all the difference in securing a favorable rate and terms. How to get a home equity loan to buy another house From budgeting to closing on the loan, let’s explore everything you need to do to get a home equity loan to 1. Decide on a budget Before diving into the process of obtaining a home equity loan to purchase another house, it's crucial to establish a clear budget. Assess your current financial situation, including your: A well-defined budget can guide your decisions, ensuring you pursue a home equity loan that aligns with your financial capabilities and homeownership goals.  2. Gather your financial information Once you have a budget, the next step is to gather all the necessary financial information. This typically includes: Lenders will use this information to assess your home equity loan eligibility and determine the loan amount and terms.  3. Shop around for lenders With your financial information in hand, it's time to explore different lenders and loan options. Shop around to compare: Consider traditional banks, credit unions and online lenders to find the best fit for your needs. Remember that the goal is not just to secure a loan but to secure the most favorable terms. 4. Apply for a home equity loan After you've identified a suitable lender, you can initiate the application process. Complete the required forms, provide accurate information and be prepared for additional documentation requests.  The lender will likely thoroughly review your financial history, credit score and the value of your primary residence. Timely and transparent cooperation during this stage can expedite the approval process and potentially increase the chances of obtaining a home equity loan on favorable terms. 5. Close on the loan application Upon approval, the final step is a closing meeting to sign the necessary paperwork, which includes the loan agreement and other legal documents.  Be sure you fully understand the terms and conditions before finalizing the process to make an informed financial decision. Closing completes the transaction, allowing you to access the funds from your home equity loan.  Pros and cons of using a home equity loan to buy another house As with any kind of loan, there are advantages and disadvantages to using home equity loans to fund your next home purchase. Pay close attention to the pros and cons of home equity loans to ensure that this type of Advantages of a home equity loan A home equity loan can offer homeowners a powerful financial tool, providing access to funds based on the equity accumulated in their property.  Since these loans are unique to current homeowners, you’ll also benefit from your prior financing application experience.  Disadvantages of a home equity loan Despite the benefits, home equity loans have certain drawbacks. Understanding the potential disadvantages is essential before agreeing to a loan. Before pursuing a home equity loan, weigh the advantages and disadvantages to mitigate as much financial risk as possible. Alternatives to using a home equity loan to buy another house A home equity loan isn’t your only path to buying a second home. Depending on your financial situation and goals, you might find that another option offers more flexibility, lower risk or both. Here are five popular alternatives to consider: HELOC A home equity line of credit (HELOC) gives you a revolving credit line based on your home’s equity. You can borrow only what you need, when you need it. This is a great option for staggered home purchase costs.  It’s important to note that most HELOCs come with variable interest rates. This can cause your payments to lower if rates decrease, but also to rise if rates increase. Personal loan Another alternative to a home equity loan is a personal loan, an unsecured loan that doesn’t require collateral. Since personal loans don’t use your home as collateral, you won’t have the risk of losing your property in case of default. Reverse mortgage If you’re 62 or older, a reverse mortgage lets you tap into your home equity for cash with no monthly repayments required until you sell, move, or pass away. Older people primarily use this mortgage type to supplement their income later in life.  With reverse mortgages, interest accumulates and adds to the loan balance over time. This option can free up funds, but it’s important to understand the long-term impact on your estate and equity. Cash-out refinance A cash-out refinance replaces your current mortgage with a larger one, and you pocket the difference in cash. It can offer an interest rate lower than that of a personal loan, but your monthly payments will likely increase, and you’ll restart the clock on your mortgage. It’s important to carefully assess the impact of increasing your mortgage amount, as this will result in higher monthly payments and potentially a longer repayment period. Additionally, be mindful of closing costs associated with the refinancing process. Co-ownership If you’re looking for an alternative that doesn’t involve taking on more debt, co-ownership is a great option. You can enjoy turnkey living, equitable access through the Co-ownership vs. home equity loan Co-ownership offers a modern, more flexible path to second home ownership, especially if you’d rather not take on a second mortgage. With Pacaso, you can co-own a luxury second home in top destinations and enjoy true ownership without the financial strain of going it alone. Let’s break down how co-ownership compares to using a home equity loan: If being the sole owner of your second home isn’t the direction you want to pursue, consider co-ownership as an alternative. With Pacaso, you can

Buying a second home for romantic getaways Couples trips feel different when you have a place that is truly yours. If you are thinking about buying a second home, consider destinations that set the tone for connection and ease. Napa brings vineyard views and candlelit dinners, Maui offers warm water and pastel sunsets, Aspen delivers alpine charm, and Kiawah Island pairs wide beaches with quiet mornings. Pacaso co-ownership gives you access to a beautifully designed home in sought-after locations, so the weekend you want is always within reach. Napa for wine country romance Napa rewards an unhurried pace. Start with a late brunch, wander through tasting rooms, and end with a private soak under the stars. Many Napa vacation homes make outdoor living the focus, with dining terraces, fire features and space to open a favorite bottle after a day among the vines. For an intimate Napa home base, consider Maui for oceanfront seclusion Maui luxury homes put you close to sunrise swims, coastal drives and quiet dinners on the lanai. Wailea and Kapalua offer sheltered coves and golden sand, while upcountry drives lead to cool breezes and sweeping vistas. For two-person retreats, look for a private lanai, direct beach access or a calm neighborhood with easy paths to the shoreline. Settle into Lani, where indoor outdoor flow leads to a private yard at dusk and sweeping coastal scenery. It is a soothing spot to slow down after beach days. Explore Aspen for alpine romance Aspen luxury homes balance mountain energy with quiet interiors. Whether you prefer a bluebird ski day or a summer hike to a creekside picnic, the town’s walkable core and fine dining make date nights simple. Seek views of Shadow Mountain or a private hot tub to turn a crisp evening into a memorable night for two. Set in Aspen, Kiawah Island for coastal calm Wide beaches, winding bike paths and quiet mornings define Kiawah Island vacation homes. Days here move easily from a beach walk to poolside reading, with time left for an oyster bar dinner and a twilight ride along the lagoon’s edge. Look for outdoor lounges and quick paths to the sand for a smooth, two-person rhythm. How buying a second home elevates your time together The right home turns quick trips into a ritual. By buying a second home, you gain a ready-to-enjoy setting with design, location and comforts dialed in. Pacaso’s co-ownership model gives you a refined home in a world-class market without the full-time hassle, so more of your energy goes to shared experiences. If you love regular wine country weekends, powder days or beach escapes, buying a second home through Pacaso means the drive or flight ends at a front door that already feels familiar. Start your couples escape with Pacaso Choose the setting that fits your style, then explore Pacaso listings to make it yours. Browse

For those who love to travel, do so frequently, and want more out of their accommodations than simply a hotel room, vacation clubs and fractional ownership programs can be very appealing. While Two of the best known are How does Equity Estates work? A common gripe about timeshares is that you pay a lot of money into the program, yet you gain no equity in the properties you visit each year — you get only the right to use the property. Equity Estates offers an alternative. Instead of paying a membership fee, you contribute to an investment fund that buys you shares of the Equity Estates property portfolio. Down the road when your defined liquidity date arrives, the residences are sold and investors are paid back 100% of their initial capital contribution, plus 80% of the profits.  Properties and destinations During the years between investment and disbursement, investors enjoy access to 60+ destinations across over 25 countries. The properties are private, luxury homes valued between $2 million and $5 million, with amenities like oceanfront views, ski-in/ski-out access, swimming pools and private club access.  Access Depending on your level of investment, you’ll get a set number of nights per year. Equity Estates promises better availability than timeshares since homes are only available to investors. Cost In addition to your initial investment, which can start at $145,000 or more, investors pay annual fees to cover maintenance, daily housekeeping, a personal travel concierge, destination manager and local hosts.  How does Inspirato work?  Inspirato also promises luxury vacations at upscale private homes around the world, but the structure of the program is quite different from Equity Estates. Inspirato is set up as a subscription model featuring three tiers with varying levels of cost and benefits.  The Inspirato Pass The Inspirato Pass is the company’s core offerings. For a $2,550 enrollment fee and a monthly subscription of $2,550, members can choose from over 1.5 million Pass Trips, with all nightly rates, taxes and fees included. And it’s not just homes. You can also stay at top hotels and resorts and choose from cruises, safaris and guided tours. The pass is designed for travelers with flexible schedules, as you have to complete a booked reservation before scheduling your next trip. It’s also ideal for those who want to travel frequently but want the planning to be simple and straightforward.  Inspirato Club The third option, the Inspirato Club, costs $650 per month. Travelers get access to the Inspirato Collection of properties and experiences, with members-only nightly rates and travel planning assistance.  Inspirato luxury homes are owned by the company, but they have partnerships with hotel, resort and travel brands, ensuring you have access to stays and experiences all over the world.  Which option is right for you?  Whether you choose to go with Inspirato or Equity Estates depends on what you’re looking for out of a vacation club.  The people who join Inspirato tend to be frequent travelers who spend a lot on travel each year and have a flexible enough schedule to work around some of the inherent booking limitations.  Equity Estates appeals to people who spend significant amounts each year on travel, but want to see some return on their spend. Because of the potential for investment gains, the initial investment is higher than other options.  Equity Estates pros and cons Inspirato pros and cons Now get to know Pacaso Equity Estates and Inspirato aren’t the only innovators in the world of luxury travel. In fact, Pacaso takes the best of what these companies offer and delivers a smarter way to enjoy second home ownership.  With Every Pacaso home is fully managed, professionally designed and ready for you to enjoy, with equitable scheduling among owners.  Pacaso co-owners purchase shares in a property-specific LLC, and when you’re ready, you can sell your share to realize any returns on your property.   Comparing Pacaso and Inspirato An owner’s view of the differences Pacaso owner Mark also has an Inspirato membership. While he uses his Inspirato to “fill the gap” when he wants variety in destinations, he says he loves that his Pacaso gives him true ownership in a destination he loves.  “We’re kind of creatures of habit,” Mark said. “We like to go back to the same place that we know. We know it’s going to be quality. We get to know people in the community … it’s a totally different animal, and we prefer having the house.”  

There are so many ways to vacation: the consistency of a hotel, the extra space in a vacation rental, the structure of a What is a luxury vacation club?  A vacation club is a membership-based program that gives participants access to thousands of hotels, rental vacation homes and travel experiences. Luxury vacation clubs take these offerings to the next level, with an exclusive, curated collection of Many large hotel chains — Hilton, Marriott, Hyatt and Wyndham, for example — have travel clubs designed around their own collection of hotels and resorts. However, the most exclusive, high-end vacation clubs operate independently of a single hotel brand, offering their members a wide range of options.  How do luxury vacation clubs work?  While each luxury vacation club has its nuances, they typically operate with the same general model. Members usually pay a one-time initiation fee to join. Costs can range from a few thousand to much more, depending on how exclusive the club you join is. Then, you’ll pay annual dues, with prices fluctuating based on how much you want to travel each year.  In exchange for your investment, you have access to a wide range of accommodations and experiences, many with better perks, lower per-night costs and more options than you’d find if you booked on your own. Some offer a rewards program based on your spend.  The most exclusive travel clubs — among them What are the most popular luxury vacation clubs? Vacation clubs are available at a wide variety of price points, but in the luxury space, there are a handful of clubs that lead the pack among jet-setters.  Inspirato Inspirato boasts a portfolio of high-end homes, hotels and experiences in the most sought-after vacation destinations. Service is Inspirato’s hallmark, including travel planning, an on-site concierge, daily housekeeping and more. A rewards program provides extra discounts, early access to special events and complementary guest passes, depending on how much you spend each year.  Inspirato offers two tiers of membership: Inspirato Club and Inspirato Pass. Inspirato Club, a traditional vacation club membership model, lets you choose between a monthly or annual membership, both of which will set you back $7,800 per year. The monthly membership is more flexible, allowing new members to try out an Inspirato membership without a large upfront investment, but the monthly membership does require a $650 enrollment fee. The Inspirato Pass is a more flexible, monthly subscription model. For $2,550 per month, members can book Pass Trips from a list of over 1.5 million options, with nightly rates, taxes and fees included. There are limits to how many trips you can have reserved at a time. Exclusive Resorts  If Inspirato is a luxury vacation club, Exclusive Resorts is an ultra-exclusive vacation club. Their 4,000 members have access to 400 exquisite homes and expansive experiences in 75 global destinations. Most of the homes are owned by Exclusive Resorts, which allows for a consistently high level of service and amenities. Members enjoy the services of a travel planner before each trip, plus a dedicated concierge at the destination.  Exclusive Resorts invites only about 200 new members each year. Members pay a $195,000 initiation fee for a 10-year plan, plus $42,250 each year for 25 travel days. Solstice Collection Solstice Collection offers a more intimate luxury club experience, with far fewer properties but a promise of better availability. There’s a 6:1 ratio of homes to members, making it easier to book and enjoy time at the home you want. All of the homes in their portfolio are in the multi-million-dollar range and they include a sunny hillside estate in Cabo San Lucas, a historic palace in Florence and a private beach oasis in Koh Samui.  The costs of Solstice Collection membership include a one-time initiation fee of $15,000, plus annual dues ranging from $49,000 to well over $100,000, depending on how many nights you’d like to travel.  What’s the difference between a vacation club and a timeshare? While both In terms of financial investment, both timeshares and vacation clubs require an upfront payment and ongoing dues. However, timeshare owners often get saddled with maintenance fees, taxes and special assessments. And timeshares can be notoriously difficult to resell. How is Pacaso different? Luxury vacation clubs offer access to incredible properties around the world. So does Pacaso, with one major difference: You own your second home.  Discover how Pacaso stacks up against Inspirato. Pacaso uses an innovative With homes available from

When it comes to buying a house — whether it’s a primary residence or a vacation property — doctors are in a unique situation. Many doctors are considered high earners, but it can take years for the hard work to pay off. What’s more, many younger doctors are saddled with a large amount of student loan debt, which can make qualifying for a mortgage trickier than it might be for other buyers.  Whether you’re just considering buying or are thinking of adding a second home to your real estate portfolio, here are a few things doctors should consider, from how much you can afford to how to approach the process.   What salary do I need to afford a million-dollar home? Conventional wisdom says that you need an annual salary somewhere around $200,000 to You’ll also want to consider monthly costs above and beyond your mortgage payment. This includes things like HOA dues, utilities, maintenance, insurance and property taxes.  When is the right time for a doctor to buy a home? Buying a house is a big financial commitment, and it can take a significant amount of time to gain enough equity to offset the upfront purchase expenses like closing costs, repairs and moving expenses.  It’s common for doctors who are just starting out to move frequently, in pursuit of a specialty program, new opportunity or fellowship. In this busy career phase, renting may make more sense until you land a long-term position.  Buying a first house during residency Deciding to buy your first home is a milestone for all kinds of buyers, but physicians have a couple of additional financial realities to address during the application process.  If you’re a newer doctor, your loan debt may be high and you likely haven’t secured the salary of more established colleagues. This hurdle is specifically high for those buying a house during their residency.  A core part of getting approved for a mortgage loan is meeting the debt-to-income ratio requirements, or DTI. This is a calculation that compares your monthly debt obligations to your gross income. It’s a way lenders can be reassured that you’ll be able to repay your loan without defaulting.  Most medical school graduates have significant student debt. According to the Association of American Medical Colleges, anywhere from Enter the physician mortgage loan. Also called doctor loans or medical professional loans, these mortgages are specifically designed for doctors whose highest earning years are yet to come. These loans may have low (or no) down payment requirements, no requirement for private mortgage insurance (PMI) or more generous qualification criteria. Ask your mortgage lender for more information about this loan option.  Purchasing a second home as a doctor  As your career progresses, you may want to consider buying a second home. Being a physician is time-consuming and stressful, so it’s nice to have a place of your own to relax and unwind. Imagine cozy weekends in a mountain cabin, summer vacations in a sunny lakefront retreat or watching an ocean sunset from your private patio.  Pacaso is a great solution for busy professionals in a wide range of occupations to buy a second home. Ownership is shared among up to eight co-owners, which means that your upfront investment is lower. And we have homes in Co-owning a second home with Pacaso is a smart option for busy doctors, as it gives you the benefits of second home ownership without the work. Your dedicated property manager takes care of maintenance, repairs, cleaning and making utility, insurance and tax payments. That means that every time you’re ready to relax, you can just show up, unpack and unwind.  Our