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According to the National Association of Realtors, four out of ten existing home sales in 2005 were second homes. But before you sign on the dotted line for your fantasy retreat... there are some important factors to consider.
Many people dream of escaping to their own personal retreat. Whether it's a log cabin on a lake in the north woods for snow skiing or a stunning beach house beside the ocean for fun-in-the-sun… everyone has a vision of an ideal second home.
There is much to benefit in owning a second home. Certainly there are the investment and tax advantages to consider, but the number one factor that any homeowner should consider is the memories that a vacation home can provide.
If you're thinking of purchasing your "dream" second home, you may want to consider these ideas:
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What type of home will best fit your lifestyle? If you're someone who enjoys the excitement of vacationing in new places every year… will you be going to the same place over and over?
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Be sure to consider any changes over the next several years that could influence the size and location of where you choose to buy a second home. For example, a cozy beach cottage can be perfect for a young couple, but can become too small or remote once that couple starts a family.
Of course resale value still should be considered even though the purchase is based on sentiment reaction.
P.S.
Did you know you can use your IRA account to purchase property and not have to cash it in? Ask us how!
Did you know you could use a bridge loan to purchase your next home while your home sells? Ask us how!
Call one of our HFR Specialist… we have manufactured homes on leased land, lake front homes, condos, golf front homes, gated community homes, private club homes, new construction homes, short-term rentals, long-term rentals, ranches, estates and penthouses. What do you want?
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