SECOND HOME BUYING: IS IT WORTH IT?
Picture this: year after year you’re vacationing to the same quiet upstate NY cabin. You’re paying thousands of dollars every summer and winter to rent the place and start to question whether you should just buy a place of your own. The answer is yes, you should!
Purchasing a second home is becoming somewhat of a trend in the past few decades. It is no longer something that is just realistic for wealthy people. Second home owning has become a possibility for people of lower incomes because of the opportunity to list the home as a rental or vacation property. Whether it be a couple or family who wants to own their own place located at their go-to vacation spot or a person looking to make some extra money from owning an investment property, owning a second home provides countless benefits.
Now, it’s obvious that there are many advantages to owning a second home. But! You must make sure that buying a second home is the right thing for you! It is crucial to make sure that you have the ways and means to afford a new home. That includes finding a trusted real estate agent, doing your research on what neighborhoods are best in the area, examining the local tax laws, and looking into a property management company. A property management company is something that most people may overlook. Especially if you are going to go down the road of listing the home on AirBnb or VRBO, working with a property management company can help to alleviate the stress of working with renters and preparing your house to be rented. The company would handle the bookings, the funds, and the overall appearance of the house which can include working with a landscaping or cleaning company.
Another advantage that comes with renting your second home is the ability to be able to pay for the homes mortgage, taxes, repairs and even the insurance with the rent money that you would be getting. All those factors make it worth it to buy your “retirement home” long before you retire. The fact that it is possible to pay off a house before you would even be living in it makes buying a second home a no brainer!
So what do you think? Are you ready to buy your dream home? Look no further and work with us at OutsideOf! We make it easier for you to own a vacation home outside of the city. We build a better way to find, buy, book, and manage your dream home! So get out there, buy that home that you’ve always wanted, and explore the endless benefits of owning and renting a second home!