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
help you save money on your taxes. The mortgage and property taxes of a second
home can 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.
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.