As the world emerges from the pandemic era and begins to look for a new normal, we’ve all changed the way we look at homeownership and lifestyle. More and more, families are forgoing exotic vacations and using the savings to enhance their home for staycations.
In addition to the home improvement boom, the second home market has also exploded. Owning a second home was once a privilege for the rich and famous, but now even those with a modest income can purchase a second home.
There are some great benefits to owning a second home. The first is enjoyment. Many people buy a second home to get a change of scenery. With more companies offering a work-from-home option, spending winter in a warmer climate has become feasible for the average person.
There are financial advantages to buying a vacation home. A second home can possibly help you save money on your taxes. The mortgage and property taxes of a second home may be deducted from your income in the same way a primary home is. The property can also be rented out while not in use to provide extra income or pay for the costs of the home. Be sure to check with your accountant first to see what financial benefits are available for your financial situation.
Owning a second home can enhance the lifestyle of the family. Building equity in two properties will build wealth more quickly while providing an alternate location for work or fun.
Are you currently enjoying the benefits of owning a second home? Feel free to leave your comments below.