The Advantages of Having More Than One Home

Many things have changed in the last couple of years, including real estate. One effect is a greater desire to acquire many homes. According to Luxury Home Marketing's current Luxury Market Report:

“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.”

This might be due to the fact that the epidemic has changed the way we think about our houses. More than ever, our home has been our safe haven and retreat. With the development of remote work, more individuals are rethinking where they want to live and purchasing second houses in order to have more freedom. If that describes you, here are a few of the benefits you'll get from having a second home, as well as why it can be a good investment for your lifestyle and future.

A Nice Change in Scenery (or Weather)

When you have two houses, you may switch between them when the weather changes or you want to see something new. Do you wish to live in a place that has a distinct season? Would it be desirable to alternate between a resort and a suburban setting? You have such alternatives with two residences. Being able to move between residences depending on whatever area fits you most at the moment provides you with more flexibility and diversity, which may help you be happier.

Build Your Wealth Faster
You may have heard that home equity is increasing as a result of rising property prices. Studies from CoreLogic says that the average homeowner gained $56,700 in equity in the previous year. With house prices expected to rise in the coming years, purchasing a second home might allow you to take advantage of increasing equity on both homes to increase your wealth (and net worth) even quicker.

Being Able To Spend More Time With Your Loved Ones

The epidemic has also reawakened our awareness of the significance of staying close to our loved ones. One consideration is if you want your second home to be close to the people who are most important to you. This allows you to see your loved ones more easily while yet providing you with your own dedicated, private place to be close by for significant life events or extended trips.

Expenses Are Locked In 

If you want to keep your housing bills stable for the long term, buying a second house today and locking in your mortgage rate might be a sensible alternative. If you're nearing retirement or want to utilize your second home as your primary property in the future, buying it now at today's rate and price might be a smart financial move. That manner, your monthly payment is guaranteed for the next 15 to 30 years, regardless of what happens with rates and prices in the future.

Bottom Line

There are numerous advantages on having several homes. If having a second home appeals to you, let's talk about your alternatives, analyze the advantages, and take the next step to begin your house hunt.

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