Second home purchases are on the increase. They might sound exclusively like the domain of the high-powered and the richest of the rich who have to accommodate a jet-setting life. However, the truth is that they’re a quality of life and investment tool open to anyone working to get them. They’re not just a frivolous expense. Here are some of the real reasons you should consider them.
Move away from the job
If you live in the city, then you might do so because it’s closer to your job. However, there are plenty of people who don’t like city life. Some of them will choose to own an apartment in the city as well as a home in the suburbs, as the New York Times reports. It gives you a more relaxed environment that’s more to your speed on the weekends or whatever days you’re not working. If you don’t like the urban lifestyle, then the stress and claustrophobia it can entail can really lead to some unfortunate mental health repercussion such as chronic stress or depression.
Aiming at retirement
Others have the same kind of reasoning, but they’re thinking about the long-term. You might be just fine living where you are now, but when you have all the free time in the world, you know you don’t want to stay put. You might like to move somewhere out in the country as shown at Ranch Marketing Associates. Somewhere you can keep busy in ways you enjoy. You can aim at purchasing it now and rent it out until you’re ready to move in. At that point, you can choose to sell your existing property of keep it as an extra revenue source by renting it out.
This might seem like something of a frivolous answer compared to the others, but the truth is that getting a vacation home could make more economic sense than you give it credit for. If you vacation often and you’re constantly going to the same area, then you might spend more money each year paying for accommodation than is justified. Buying property might be more expensive, but you end up with much more value in your pocket at the end. If you grow tired of it, you can always sell it.
Almost any second home you buy, you can rent when you’re not using it. Platforms like AirBNB make it so much easier to get short-term rentals and keep the schedule of your second home relatively flexible so you can choose to use it whenever you see fit. An extra revenue source is going to make it much easier to prepare for other investments, for retirement, and even for paying off the cost of the property in the first place.
If you’re thinking about a second home somewhere down along the line, then don’t be discouraged. There’s plenty of good reason to get one now rather than having to worry about having to move when you’re older and earning less.