For many Americans, owning more than one home may sound like an absurdity or a pipe dream at absolute best. The reality is that owning more than one home could have plenty of benefits to the owner. Depending on your goals, desires, and budget, having multiple homes could be both profitable and enjoyable for you and your family.
To help you have a better idea of how you can benefit from multiple homes, we’ve put together a list of ways having a second home can be not only attainable but enjoyable for almost any family.
Change Locations
Perhaps one of the biggest reasons buyers have more than one home is to take advantage of different geographic locations or better weather during the uncomfortable seasons in your current hometown. If you’re a Southerner or otherwise live in climates with hot summers, then having a second home in a northern latitude or in the mountains could be a godsend during the hottest parts of the year.
Contrarily, you may want to move further south in the winter to escape the cold. In either case, there’s a strong possibility that you can not only leverage your locations for comfort or escape but can typically monetize your property in desirable locations. Purchasing a home in a ski town could be very profitable during the winter months if you’re not planning on using the property during those times, for example.
Build Wealth Quickly
Another reason to have more than one home is to quickly add to your personal wealth. Purchasing a second home immediately gives you an asset that will appreciate in value over time. After all, owning property is one of the time-tested ways to build your wealth while giving you a tangible asset to enjoy.
Bear in mind, in order to build wealth, you’ll need to evaluate where you’re living, how the housing market in that area will change over time, and be aware of seasonal or periodic fluctuations in property values and population changes. Owning property in inventory shortened housing markets will likely see a major increase in property value in a shorter amount of time. Additionally, purchasing in highly-desirable locations will also boost property value and wealth.
Buy for the Future
Sometimes purchasing another home isn’t about your current situation but a look into the future. Many current homeowners purchase property now with intentions of using the property in the future either as a retirement destination or simply to lock in their expenses for the long haul. If you’re thinking about purchasing a second home for the future, then there’s a good chance that you can lock in low-interest rates and go a long way toward fixing your future expenses.
If locking in low-interest rates and otherwise improving your future expenses is a goal of yours with a second home purchase, then talking to a loan expert with experience working with second mortgages could be extremely useful. To get started, get in touch with one of the loan advisors with Tidewater Mortgage Services, Inc. who can guide you through the process of purchasing another home and help you get pre-qualified for your next home purchase!
