Real estate transactions are increasing lately, as trends toward owning more than one home seem to be growing. According to Frank Knight's Global Buyer Survey 2021:
"With the rise of remote working, second homes or 'co-primaries' are becoming a viable option for more buyers seeking a better work/life balance,"
Here are just a few of the advantages you'll enjoy and how owning a second home may be an excellent decision for your lifestyle and your future.
Boost your wealth
CoreLogic reports that an average homeowner's net worth grew by $56,700 last year thanks to the rising home prices. If you purchase a second home, your wealth will grow even faster as both properties appreciate in value.
Create a stream of income
It can be a savvy investment, especially when renting out the property. If you buy it to serve as a vacation home, you can rent out your property on sites like Airbnb or VRBO.
Tax advantage
Second homes that are vacant for more than two weeks a year can be treated the same way as mortgages on principal residences on your tax return. By doing so, you can reduce your taxable income and lessen your tax burden. Be sure to check with your own tax professional.
Enjoy a change in scenery (and lifestyle!)
When you have two homes, you can move between them as the season changes or the scenery gets stale. Do you want to live in an area with a particular season? Would alternating between a resort and a suburban setting be ideal? With two homes, you have those options. Being able to move between homes based on which one best suits you at the time gives you added flexibility that can help increase your happiness.
A place for gatherings
You can put no price on the sense of security, stability, and continuity you feel when you own your home and know that it is a safe place for yourself, your family, and visiting friends to gather. Memories of fun activities will be the currency you cherish.
Begin your search today for a second home
Owning multiple homes can be advantageous, and if you are interested in owning a second home, let's connect at 435 640-0217. Or visit our newest homes for sale here to explore your options. Let’s discuss the benefits and put a plan in place.