Some people find it difficult to own a single home, but then there are the people who have invested their money wisely or otherwise built up their savings. They already have their primary residence, and then begin looking towards a second property. While it might sound indulgent, there are many advantages to owning a second home, both on a short- and long-term basis.
Below, we take a look through some of the primary benefits and offer some advice on how you can get end up with a property that you love.
It’s an Investment
The wealthy have always known that what really counts, when it comes to their money, is property. We do live on a finite planet after all, and it’s not as we’re going to find more space to build on. As such, a second home can function as an investment that will boost your financial portfolio. It’ll also help to keep it diversified, too, since the property you buy will be unlikely to be in the same area as your first. If real estate values take a downward turn where you currently live, then you’ll have your other investment to help reduce the negative impact.
But it’s not as if you just have to play the long-game when it comes to your second home. It’s not just something that’ll help to generate money in the future: it can do so instantly, especially if it’s located in an area where people want to visit. If it is a home on the beach, then you’ll find plenty of people wanting to rent out the property on a short-term basis. It’s just about getting the right place. Check here to search for a seashore home in Avalon and Stone Harbor NJ, and you could end up with a property that you can rent to vacationers when you don’t want to use it yourself. This could help to give your income a boost, and, as such, you shouldn’t just think of a piece of property which you spend money on — but something that can help bring money in.
But let’s forget about the money aspect for the time being. One of the best things about having a second home is that it makes it all the more straightforward to spend some time on vacation. While there’s plenty to love about setting sail for new destinations, it’s just a fact that it isn’t always the most relaxing experience in the world. You need to spend many hours researching hotel and flight options, how you’ll get there, where to go and what to do, and so on. When you have a property somewhere that you want to spend time, then these problems quickly dissolve away. Once you get into the swing of things, you’ll be able to pack a light bag, and soon find yourself in a familiar, relaxing environment (a light bad will be all that’s necessary because you’ll have items of yours stored at the second home). Much more straightforward!
Now, you might buy a second property as an investment and as a space where you can visit whenever you feel like. But they’re just the benefits of owning a second home under your present circumstances. As your situation changes, then you might find that there are other advantages to that second home. Let’s think, for example, about when you retire. At that point, you’ll have the freedom to live and do as you please, and your other property might become extra important. So it’s not just a financial investment you’re making when you buy another home. You’re always creating a place where you might spend plenty of happy moments in your later years — and by the time you reach that age, you’ll already feel super comfortable and “at home” there.
Home Exchange Options
If you’ve chosen a second home where you want to spend time, then it’ll be relatively certain that other people will want to stay there, too. While you’ll be able to open it up to vacation rentals like we said above, there is another option that’ll be available to you, too: home exchange. You’ll be able to travel to new and exciting corners of the world, without paying anything for accommodation. There are websites that allow you to get in touch with people with also want to exchange properties on a short-term basis. It can be a highly affordable way to experience the world.
Two Separate Worlds
As we said above, you most likely enjoy your “regular” life, but it’s also true that it’s a big old world out there, and we want to see and experience it as much as possible. When you have a second property, you’ll be able to live a different life whenever you can, and on a deeper level than most vacations, too. Over time, you’ll get to know the people, the best places to eat and drink, and also the language (if you’re looking at places in countries that don’t have English as a first language). It’s like having a foot in two separate worlds.
It won’t just be those lay summer afternoons you get to enjoy at your second property. Since it’s built to receive short-term guests, then it’ll be an awesome spot to have a get-together of friends and family. Many people want to go away with their loved ones, but the sheer logistics of it usually means it can’t happen. If you have accommodation that can host everyone, then all they’ll need to do is book a flight, and you’ll be on your way.
If you’re convinced by the points we’ve outlined above, then you might be starting to look for your own place. Some tips: first, make sure your money situation is in order. Second, you’ll want to visit the place in person and get to know the area, and it should also be a longer-term ambition, rather than something that happens quickly. Take your time, and you’ll end up with a great place!