If you are wondering when the right time is to buy a second home, the answer may be right now.
Everyone is talking about the falling housing market, of course. If you have been watching the trends out there, then you already know that prices of home are being reduced, as the housing market adjusts. This is especially true for second or vacation homes.
This fall season should see some great bargains in summer homes, from cottages to beach houses. And don’t forget ski chalets. You can find single family homes or condos for sale.
What are some of the reasons to buy a second home?
Buy a second home to have a vacation spot for your family. This is probably the most popular reason to buy a second home. You know that you will always have a great place to stay that is just the way you like it.
Buy a second home to generate income. You can rent out your second home for a few years to pay down the mortgage. In some areas, you may be able to get an entire month’s mortgage payment back in one week when renting it out. Some families rent their second homes during the peak season and enjoy it themselves the rest of the year. Others do the opposite, enjoying it themselves all season and then renting it out of season.
Buy a second home as an investment. Real estate is still one of the best investments out there, and you can expect your second home to appreciate by 20 to 30 percent per year. When you are ready to retire, you can use your second home as a place to retire, or sell it to help fund your retirement. Many baby boomers are doing this as a way of growing their nest eggs.
Mary Ann Romans writes about everything related to saving money in the Frugal Blog, technology in the Computing Blog, and creating a home in the Home Blog. You can read more of her articles by clicking here.
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