IS IT TIME FOR A SECOND HOME?
The pandemic has changed the way many of us live, work, and attend school—and those changes have impacted our priorities when it comes to choosing a home.
According to a recent survey by The Harris Poll, 75% of respondents who have begun working remotely would like to continue doing so—and 66% would consider moving if they no longer had to commute as often. Some of the top reasons were to gain a dedicated office space (31%), a larger home (30%), and more rooms overall (29%).1
And now that virtual school has become a reality for many families, that need for additional space has only intensified. A growing number of buyers are choosing homes further from town as they seek out more room and less congestion. In fact, a recent survey found that nearly 40% of urban dwellers had considered leaving the city because of the COVID-19 outbreak.2
But not everyone is permanently sold on suburban or rural life. Instead, some are choosing to purchase a second home as a co-primary residence or frequent getaway. Without the requirements of a five-day commute, many homeowners feel less tethered to their primary residence and are eager for a change of scenery after spending so much time at home.
If you’re longing for that vacation vibe, a second home is the choice for you.
IS IT TIME FOR A SECOND HOME?
Once reserved for the ultra-wealthy, second homes have become more mainstream. Home sales are surging in many resort and bedroom communities as city dwellers search for a place to escape the crowds and quarantine in comfort. And with air travel on hold for many families, some are channeling their vacation budgets into vacation homes that can be utilized throughout the year.
A second home can also be a good option if you’re preparing for retirement. By purchasing your retirement home now, you can lock in a low interest rate, start paying down the mortgage, and begin enjoying the perks of retirement living while you’re still fit and active. Plus, it’s easier to qualify for a mortgage while you’re employed, although you may be charged a slightly higher interest rate than on a primary home loan. One advantage of choosing a second home is that you can offset a portion of the costs—and in some cases turn a profit—by renting it out on a platform like AirBnB or VRBO.
If you’re still undecided, make a wish list of the characteristics you’d like in your getaway. Then rank each item from most to least important. This exercise can help you determine your “must-have” features—and which ones you may need to sacrifice or delay. Here’s a sample to help you get started:
FEATURE
Big View or Protected Water
Private Dock
Pool
Beach
Big yard
Close to local amenities
Distance from primary residence
Rental potential
EXPLORE YOUR OPTIONS
Once you’ve determined your parameters and priorities, it’s time to begin your home search. Contact us to schedule a free consultation. We’ll discuss your criteria and make recommendations. We can also send you property listings for second homes within your budget so you can better envision your getaway.
LET’S GET MOVING
Whether you’re ready to make a move or need help weighing your options, we’d love to help. We can show you local properties that fit within your budget. Contact us today to schedule a free, no-obligation consultation!