Whether you’re a first time homeowner or you’ve owned your own for awhile, it’s always nice to think about that possibility of owning a second home for yourself. These days it seems more people than ever are jumping on the second home bandwagon, and for good reason. Depending on where you buy your home and when, you can save a bundle on getting a second home. For example, back during the start of the 2008 recession, home prices plummeted in some hard hit regions and were prime real estate for people looking for a deal. Of course while it wasn’t the perfect time to buy then, prices never really fully recovered over the next few years, leaving prices lower than before. Thinking about a second home? Here are some top things to consider.
Reasons For A Second Home
There are dozens of reasons you might want to entertain the idea of a second home. Some people want to do it up for their eventual move themselves or even just to have a second place to call their spot. The thing with second homes is they aren’t often located in the same city – that is to say, the same city that you already live in. What’s the point, right? So where do people buy their second homes? Why should you consider buying in a different city?
Location, Location, Location
When we talk about owning in another city, we don’t mean necessarily having your main home in NYC and getting a second place somewhere in Australia, unless you want to and can afford it of course! Second places are often bought in a location that you and your family frequent often and take holidays to. Popular options for Canadians for example include American cities like Phoenix where it’s relatively warm to Canucks year round, making it the ideal spot for a second pad.
Flip And Sell Versus Rent
Not keen on keeping the house long and you’re getting one to flip? Why not? This popular concept sees people just like you buying second or sometimes third homes, investing money to do them up to a higher standard (or even just bring them into the 21st century) and then selling them for a profit. Doing up a home doesn’t have to cost a lot, especially if you do a lot of the work yourself or get friends to help and buy things like tiles, toilets, sinks and more at local hardware stores in bulk for sometimes decent discounts. Once the house is finished, or near finished, you can then advertise and either sell it on for a profit or rent it out long term for a more length guaranteed income.
So whatever your reasons for wanting to buy a second home, whether for yourself or for potential selling later on or even just to have a vacation home you can always jet off to if the weather in your home city isn’t to your liking, these ideas should help you consider if you should buy a second home, why you should and where you should.