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Considering a Second Home Purchase?
August 27, 2021 at 2:17pm | Julie Hayward
Here’s what you should know if you’re thinking about buying a second home.
If you’re considering buying a second property in today’s real estate market, this is what you need to know.
The pandemic and low interest rates have contributed to the desire for homeowners to purchase second homes, vacation homes, and investment properties. The
benefits of these properties became apparent to many who needed a change during the health crisis. Others no longer have to work in an office, so they’re free to move where they please.
People tend to gravitate toward warmer climates, mountain cabins, and even city condos with easy walkability.
You may want to consider buying a second home or rental property. Think about your current lifestyle. Are you looking for something different or the same thing but in a different place? Consider your budget and how that matches up with your future plans.
"Some HOAs prohibit short-term vacation rentals."
You could also buy a vacation home and use it as a rental property part time. You can make money off of it while also using it. Be sure to check with your HOA and financial advisor first so everything matches up correctly and you’re not violating
any rules. Some associations prohibit short-term vacation rentals.
In 2020, the median price for second homes increased by 21% and now sits at $420,000 with prices still rising. Dave Ramsey stated that he believes prices will continue to soar upward, and if you hesitate now, you may end up paying more in the future. Don’t
wait for the market to turn. It’s still a great time to buy or sell.
If you have any questions about buying a second home, the market, or real estate in general, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.