Thursday, February 24, 2022 / by Flr Team
The Benefits of Owning More Than One Home
Many things have changed over the past couple of years, including real estate. There has been an increased desire to own more than one home.
Where we live has become our safe space and our getaway. With more people working remotely, many are reconsidering where they want to live, and buying a second home can give them greater flexibility. Here are a few reasons why owning a second home may be a great decision for your lifestyle and your future.
When you have two homes, you can alternate between them as the weather changes or if you’d enjoy a different scenery. Maybe you’d like to live in an area with a particular season, or would like the option of alternating between a suburban and resort setting. Being able to move between homes based on which location best suits you at the time gives you flexibility and variety. This has shown to help increase happiness.
Another option to think about is whether you want your second home to be near the people who matter most to you. This makes it easier to see your loved ones, but still gives you your private space so you can be nearby for major life events or longer visits.
You can also increase your wealth by buying a second home. Thanks to ongoing home price appreciation, home equity is skyrocketing. According to CoreLogic, the average homeowner gained $56,700 in equity over the last year. Home prices are projected to continue rising, and if you purchased a second home, you could benefit from the rising equity on both properties to build your wealth even faster.
Buying a second home today and locking in your mortgage rate may be a good option if you want to stabilize your housing costs for the long haul. For example, if you’re going to use your second home as your permanent residence in the future, buying that home now with today’s rate and price may be a good financial decision. That way, your monthly payment is locked in for the next 15-30 years no matter what happens with rates and prices in years to come.
Having multiple homes has many benefits. If owning a second home is something you’re interested in, talk with one of our trusted real estate professionals at Florida Lifestyle Realty. They can help you explore your options, discuss the benefits, and take the next step to start your home search.
Florida Lifestyle Realty