If you’re already settled into and living in your first home, congratulations! Have you started thinking about another one yet? There are tons of advantages to having two homes. According to major real estate companies, buying a second home is good for your wallet, your life, and your family. Take the step to a new vacation home or getaway today.
Here are some of the awesome benefits of buying a new home for the second time.
You Get to Enjoy More Income
Appreciation is something you can always look forward to when talking about the value of your second home. Real estate tends to appreciate in value over time, especially if you buy the home in a tourist hub. The more people are in the area for vacations every year, the higher the value of your home will be. Take the time to research new homes in vacation spots. You could rent your home for a premium price and watch as the money starts coming in.
Your taxes will also benefit from the second home. This is especially true if you use this home for a very short period of time each year, and rent it for the rest of the time. Renting your home out to other people is a great way to save money through a tax deduction. If you have occupied your home for less than 10% of the time you rented it out in a year; you can claim all the fees you paid for maintenance and cleaning from the IRS. You should speak to an accountant or tax professional before you take this for granted.
It is Way More Convenient for You
Storage is probably one of the worst problems in the world, especially when you go on vacation. Carrying all that skiing equipment, surfing gear, and all the rest can be a real chore. You don’t have to do this if you buy a new home in the vacation spot you frequent the most. You can store all your stuff here so you can travel and access it whenever you want. You don’t even have to move it out if you’re renting to other people – it can be in a special storage area that can’t be accessed by your tenants.
You also get a future retirement option with your second home. One of the biggest worries a person has is retirement. Where are you going to live after you stop working? Having a home in a great vacation spot means you can live out your golden years in the tranquility of a great spot. You also gain an awesome place for your grandchildren to visit, if you have any!
Getting a new home isn’t just a loss of money – it’s an investment. You gain a lot from it, including peace of mind, a retirement option, and more income. It can be a pretty big capital investment, but the many advantages more than outweigh the risks. If you are currently in a financially stable state, it is highly recommended that you take the time to invest in a new home after careful research of the market.