When to Buy a Second Home? Here Are a Few Tips
As a real estate professional working in Mesquite, Nevada I have helped many people purchase second homes.
I have also been there a few years later when they sell their vacation home because they did not use it enough or plans had changed.
Here are a few tips to think about before jumping in and buying a second home.
First, age in my opinion makes no difference.
The vacation homes I have sold over the years have been to all ages.
Some are retired, others not, still others that never will retire.
One factor that does matter is proximity.
Too far away and it gets little use.
Having it too close you are not able to get away.
I have not had many people that are closer than a 2 hour drive.
At the same time I would not recommend much over 7 to 8 hours.
A good half day drive works great.
If you are going to get a second home flexibility in your work schedule or occupation is a must.
When you go to your second home and you are on call for work, it is hard.
With today's technology many do their work from laptops and cell phones, this works great for a vacation home.
I bring this up because many have set schedules that employers are depending on employees and if you only have 3 weeks vacation per year and work 8 to 5 Monday to Friday, a second home may not be practicable.
A second home or vacation home is for enjoyment and is not an investment.
An investment is something that makes you money.
Your vacation home will not make you money each month.
You will most likely have utilities, taxes, insurance, home owners dues etc.
Hopefully what you gain from your vacation home is enjoyment.
If and when the time comes that you want to sell, and if the market is right, you may make some money but do not buy a second home on pure speculation.
After all, you should buy a vacation home when you are ready to use it.
And then use it often and enjoy it.
I have also been there a few years later when they sell their vacation home because they did not use it enough or plans had changed.
Here are a few tips to think about before jumping in and buying a second home.
First, age in my opinion makes no difference.
The vacation homes I have sold over the years have been to all ages.
Some are retired, others not, still others that never will retire.
One factor that does matter is proximity.
Too far away and it gets little use.
Having it too close you are not able to get away.
I have not had many people that are closer than a 2 hour drive.
At the same time I would not recommend much over 7 to 8 hours.
A good half day drive works great.
If you are going to get a second home flexibility in your work schedule or occupation is a must.
When you go to your second home and you are on call for work, it is hard.
With today's technology many do their work from laptops and cell phones, this works great for a vacation home.
I bring this up because many have set schedules that employers are depending on employees and if you only have 3 weeks vacation per year and work 8 to 5 Monday to Friday, a second home may not be practicable.
A second home or vacation home is for enjoyment and is not an investment.
An investment is something that makes you money.
Your vacation home will not make you money each month.
You will most likely have utilities, taxes, insurance, home owners dues etc.
Hopefully what you gain from your vacation home is enjoyment.
If and when the time comes that you want to sell, and if the market is right, you may make some money but do not buy a second home on pure speculation.
After all, you should buy a vacation home when you are ready to use it.
And then use it often and enjoy it.
