Why a Second Home is the Ultimate Investment
There are other benefits that make owning a second vacation home well worth considering
Even for those of us who enjoy the luxury of being able to live year-round on the Suncoast of Florida
There are also perks for the folks that want a getaway to this sunny paradise only for a few months in the winter. That is if they own rather than rent a place.
An Ameriprise Financial survey sheds light on why people buy a second, or vacation, home:
Vacation destination or a place to get away from the stresses of everyday life (81%) – Having a second home to use as a vacation spot can be a special place where you go to relax and take a break from your daily routines and stressors. It also means you won’t have to worry about finding somewhere to stay when you go there.
Better weather (49%) – Buying in a place where there may be nicer weather can be a great escape, especially if it’s cold or rainy where you usually live. It lets you enjoy sunny days and warm temperatures, even when it’s not so nice back home.
Rental income (41%) – You can rent it out to other people when you’re not using it, which can help you make some extra money.
Primary residence in the future (33%) – You can eventually move into the home full-time during retirement. That means you can enjoy vacations there now and have a getaway ready for your future.
Having a venue for gatherings with family and friends (25%) – It would be a special spot where you can have parties, regular family trips, and create fun memories.
Ways To Buy Your Vacation Home
And you don’t have to be wealthy to buy a vacation home. Bankrate shares two tips for how to make this dream more achievable for anyone who’s interested:
Buy with loved ones or friends: If you’re okay with sharing the vacation home, you can go in on the purchase price together and pool your resources to make it more affordable.
Put a savings plan in place: This will require patience and persistence but consider adding a vacation home savings plan to your budget and contributing to it monthly.
Find Your Dream Spot Now with a Little Help!
If this winter the idea of basking in the sun at your very own vacation home sounds appealing, you might want to start looking now. Summer's a great time to narrow down your search and negotiate deals on your slice of paradise, it’s best to start early. As I have been a fulltime resident and working Realtor in this area, I can help you with the benefits available from one neighborhood to the next. Plus, as my husband and I have also been successfully investing in rental properties in this area, I can provide insight into the ROI of your second home investment.
The same article from Bankrate notes:
“Buying real estate in a new area — or even one you’ve vacationed in for many years — requires expert guidance. That makes it a good idea to work with an experienced local lender who specializes in loans for vacation homes and a local real estate professional. Local lenders and Realtors will understand the required rules and specifics for the area you are buying, and a local Realtor will know what properties are available.” Need some lender connections? I know a few that have worked well with second home buyers.
Bottom Line
If the idea of owning your own vacation home appeals to you, let’s discuss how my experience and skills – and commitment to work diligently on your behalf, can be a valuable asset for accomplishing your goals.
Call or email me at beverlysthilaire@michaelsaunders.com or 818-416-2505.
Excerpts from Michael Saunders & Company