If you’re so fortunate as to find yourself in the financial position to afford more than one property, you’ve probably spent some time mulling the idea of a second home over. Maybe you think of it more as an investment, or maybe you’re ready to buy in your top vacation destination. Today, we’re going to talk about those factors, and two others, in an exploration of why you should consider buying a second home! Read on …
#1 Second Homes Give You a Personalized and Private Vacation Spot
We all love a good getaway, but having your own permanent, personal residence makes it even better. Say goodbye to the stress of lugging bags in and out of hotel rooms, worrying about your room key, transporting pillows and other specific-to-you objects you must have. Toiletry bag? You don’t need one!
At least, you won’t when you travel back to that favorite destination where you purchased a second home. Of course, you’ll travel to other locales from time to time too, but if you have a cherished go-to vacay city, buying a second home there could make for the most stress-free and enjoyable out-of-office time ever.
#2 You’ve Got an Extra Place for Yourself or Loved Ones in an Emergency
When people say that real estate is a form of security, they aren’t only talking about financial safety nets. Every property you own is one more place you can be, privately and safely.
None of us want to think this way, but imagine if your primary home was destroyed by a fire, hurricane, tornado, flooding, etc. Wouldn’t it feel good to know that you had another home to fall back on?
A second home can also become a safe haven for loved ones who need your help. Whether they’re down on their luck financially or just need an escape after experiencing a death, job loss, or other traumatic event, buying a second home could give you the chance to offer them the perfect place at the perfect time.
#3 You Could Buy Where You Want to Retire and Begin Perfecting the Place
While most of us spend ample time considering where we stand financially for retirement and what we’ll pursue once we can retire, we don’t lend enough thought to how we can set ourselves up to make the transition physically and emotionally easier. Think about how lovely it would be to finally reach that milestone and have a gorgeous home in your ideal retirement location already furnished and familiar to you and your loved ones. It even has special vacation memories attached to it already.
This will have you making the most of retirement from day one, we bet! And you can absolutely make this happen, by buying a second home well in advance of the year you plan to retire. If you aren’t one for frequent trips out of town, we think this still makes sense. Our next reason you should consider buying a second home explains why.
#4 You Could Make Rental Income from a Second Home
Maybe you do this with a home you plan to retire in or rent it out most weeks of the year but block off the time you plan to vacation there. Or, perhaps you’ll hardly ever step foot inside, and the only goal is to create that passive income stream.
No matter your unique concept, buying a second home as another source of income is a fantastic idea. You’ll just want to make sure you do your research on the area and the rental market to ensure you’ll have takers. We actually wrote another post recently that discusses all of the pros of renting out your custom home, so check that out to help make your decision!
And if you decide Savannah is the place for your gorgeous, vacation-ready, income-generating, safety net of a second home, we would love to hear all about it! Let’s chat!