The Benefits of Second-Home Ownership
Here are four reasons why you should buy your second home this year.
Many things have changed over the past couple of years, and real estate is no exception. One such change is that more people want to own more than one home. According to the recent luxury market report from Luxury Home Marketing, “As trends such as remote working and flexi-hours took hold in 2021, so too did the flexibility of relocating, as well as the growth of second-home ownership.”
That may be because the pandemic has altered how we think about our homes. Where we live has become, more than ever, our safe space. With the rise of remote working, more people are reconsidering where they want to live, and buying a second home gives them greater flexibility to do so. Here are a just a few of the perks you’ll enjoy when you purchase a second home:
1. You can enjoy a change in scenery. When you have two homes, you can alternate between them as the weather changes or as you crave different scenery. If you want to live in an area for a particular season, or if alternating between a resort and a suburban setting sounds ideal, owning two homes is a great option.
"Owning multiple homes comes with a lot of benefits."
2. It will help you build your wealth faster. You may have heard that home equity is skyrocketing thanks to ongoing home price appreciation. CoreLogic reports that the average homeowner gained $6,700 in equity over the last year. With home prices projected to continue rising, if you purchase a second home, you could benefit from rising equity on both properties to build your wealth and net worth even faster.
3. It lets you be closer to loved ones. The pandemic has also reignited the importance of being near our loved ones. Having a second home near the people who matter most in your life will make it easier to see them, and it gives you your own private space nearby for major life events or longer visits.
4. You can lock in your expenses. Buying a second home today and locking in your mortgage rate may be a good option if you’re looking to stabilize your housing costs for the long haul. If you’re approaching retirement or are looking to use your second home as your permanent residence in the future, buying that house now with today’s rate may be a good financial decision. That way, no matter what happens with rates and prices in the years ahead, your monthly payment is locked in for the next 15 to 30 years.
The bottom line is that owning multiple homes comes with a lot of benefits. If it sounds like something you’re interested in, let’s connect to explore your options, discuss the benefits, and take the next step toward starting your home search. Just reach out and give me a call or send me an email. I’d love to help you.