Purchasing a vacation home is a dream many homeowners share. A second home in a desirable destination means you get to own a vacation, one that doe not come with stipulations from a shared home such as a timeshare. But easy access to a vacation is just one of the benefits of owning a second home.
Owning a vacation home, especially one in an area people love to visit, means you can tap into the rental market when you are not using the home. This allows you to use the home as an investment and source of secondary income!
Building Home Equity
You can build even more home equity with a second home, and for this, location matters. Buying a home near a vibrant town with restaurants, shopping, and other amenities increases the likelihood of the home’s appreciation.
We would all like to pay a little less in taxes. Buying a property as a second home can provide some relief in taxes and mortgage rates, so long as you meet certain requirements such as rental time.
Prepare for Retirement
When you buy a second home with retirement in mind, it can be a huge long-term money saver. You can reduce mortgage debt before it becomes your primary residence, and when you sell your previous primary home, you can put the profit towards your already reduced mortgage. As an added bonus, you will already have ties to the community to which you are moving!
Your second home is your home-away-from-home and gives you the opportunity to lay down roots in a new community, maybe even in another country. Sotheby’s Realty’s middle name is International and through our Global Referral Network, you can work with highly qualified agents around the globe. From Mallorca to Sayulita, our international brand can help you find your dream vacation home.
If you are ready to add a vacation home to your real estate portfolio, call me at (206) 841-8788 or reach out via my website so we can discuss your goals and options. I look forward to speaking with you when you're ready.