A dwelling other than the owner’s primary residence that is used for recreational purposes, like vacations (hence the name). Because vacation homes are only used at certain times, many owners will rent out their vacation homes when they are not using them. For example, a couple living in Maine might occupy a vacation home in Florida during Maine’s coldest months and rent it out to other people for the rest of the year.vacation property is accommodation used for holiday vacations. Such properties are typically small homes, such as cottages, that vacationers can rent and run as if it were their own home for the duration of their stay. The properties may be owned by those using them for a vacation, in which case the term second home applies; or may be rented out to holidaymakers through an agency.