There have been many impacts made by the past couple of years, with real estate being no exception. One impact is the increased desire for owning a second home.
This may be because the pandemic has changed how we think about and view the places we call home. Our homes have become more of an integral part of our lives. They are more than just where we live, they are our safe spaces, our getaways. With the seemingly permanent rise in remote work, more people are reconsidering where they want to live. More people are also considering buying second homes to give them greater flexibility with where they can spend their time. If you’re someone that falls in that category, there are some perks you might enjoy.
Enjoy a Change in Scenery
When you have a second home, you can alternate between them as the weather changes or as you desire a change in scenery. Would you prefer living somewhere during a particular season? Would alternating between city and mountain living be for you? With two homes, you can make these choices. Being able to switch locations to best suit your needs can not only give you flexibility but can also help increase your happiness.
Be Closer to The Ones you Love
The pandemic has also reignited the importance of being near our loved ones. One thing to consider when exploring buying a second home is if you want to be closer to the people you care about most. Living closer to family and friends makes it easier to see them but still gives you your own, private space so you can be nearby for major life events or longer visits.
Build Your Wealth Faster
You may have heard that home equity is high, thanks to ongoing home price appreciation. CoreLogic reports that the average homeowner gained $56,700 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 even faster.
Lock in Your Expenses
Buying a second home now and locking in your mortgage rate may be a good idea if you’re looking to stabilize your housing costs in the long run. If you’re almost ready to retire or are looking to move into your second home full-time down the road, buying it now with today’s rate and price may be a good financial decision. That way, no matter what happens with rates and prices in years ahead, your monthly payment is locked in for the next 15-30 years.
Owning a second home has several benefits. If owning a second home is something you’re interested in, talk with a trusted real estate partner here at Corken + Company. If you’re looking to find a second home, but aren’t looking to buy, we can offer you an experienced leasing and property management team as well. We can help you explore your options, discuss the benefits, and take the next step to start your home search.
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