The “Perks” of owning more than one home

In the ever-changing landscape of real estate…

One trend has gained remarkable momentum over the past couple of years: the desire to own more than one home. The global changes in work dynamics and lifestyle choices have influenced people to reconsider their housing options. According to the recent Luxury Market Report from Luxury Home Marketing:

“As trends such as remote working and flexi-hours took hold in 2021, so too did the flexibility of relocating as well as the growth of second homeownership.”

The pandemic has reshaped our perception of homes

Transforming them into safe havens and escapes from the world. With the surge in remote work, the idea of owning a second home has become increasingly appealing. If you find yourself contemplating this lifestyle change, let’s explore some of the compelling advantages and why owning a second home might be a perfect decision for you.

Enjoy a Change in Scenery (or Weather): Owning two homes grants you the freedom to alternate between them as the seasons change or as your mood shifts. Whether you yearn for a specific season’s ambiance or dream of alternating between a resort and a tranquil suburban setting, having two homes offers you unparalleled options. The ability to move between locations based on your preferences provides a level of flexibility and variety that can significantly enhance your overall happiness.

Build Your Wealth Faster:

You’ve likely heard that home equity is on the rise, thanks to continuous appreciation in home prices. According to CoreLogic, the average homeowner gained $56,700 in equity over the last year. With forecasts indicating a continued increase in home prices, owning a second home allows you to benefit from rising equity in both properties, enabling you to build your wealth and net worth at an accelerated pace.

Be Closer to Loved Ones:

The pandemic has emphasized the importance of being near our loved ones. Owning a second home near the people who matter most in your life can provide a perfect solution. It allows you to maintain close proximity to your family and friends, making it easier to be present for significant life events or enjoy extended visits. You can have your dedicated, private space while staying within a convenient distance from your loved ones.

Lock in Your Expenses:

Purchasing a second home now and locking in your mortgage rate could be a strategic move if you aim to stabilize your housing costs for the long term. This approach is particularly valuable if you are approaching retirement or planning to make your second home your permanent residence in the future. By securing your property at today’s favorable rates and prices, you ensure that your monthly payment remains stable over the next 15-30 years, regardless of future market fluctuations.

In Conclusion:

Owning multiple homes offers an array of benefits, from increased flexibility and wealth-building opportunities to staying closer to loved ones and locking in your housing expenses. If the idea of owning a second home intrigues you, let’s connect to explore your options, discuss the numerous advantages, and take the next steps toward finding your ideal second home.