The Benefits of Owning Multiple Homes

 

Many things have changed in the last couple of years, including real estate. One effect is a greater desire to acquire many homes.

This could be due to the fact that the pandemic has changed the way we think about our homes. More than ever, our home has been our safe haven and getaway. With the development of remote work, more people are rethinking where they want to live and purchasing second houses in order to have more flexibility. If that describes you, here are a few of the benefits you'll get from owning a second home, as well as why it can be a good investment for your lifestyle and future.

Change of Environment

When you have two houses, you can switch between them as the weather changes or you want to see something different. Do you wish to live in a place that has a distinct season? Would it be desirable to alternate between a resort and a suburban setting? You have such alternatives with two homes. Being able to move between residences depending on whatever area suits you most at the moment provides you with more flexibility and variety, which can help you be happier.

Build Wealth Faster

You may have heard that home equity is exploding as a result of rising property prices. According to CoreLogic, the average homeowner gained $56,700 in equity in the previous year. With home prices expected to rise in the coming years, purchasing a second home could allow you to take advantage of rising equity on both properties to increase your wealth (and net worth) even faster.

Live Near your Loved Ones

The pandemic has also reawakened our awareness of the significance of staying close to our loved ones. One consideration is if you want your second home to be close to the people who are most important to you. This allows you to see your loved ones more easily while yet providing you with your own dedicated, private place to be close by for significant life events or longer trips.

Lock Mortgage Rate In

If you want to keep your housing bills stable for the long term, buying a second house today and locking in your mortgage rate could be a sensible alternative. If you're nearing retirement or want to utilize your second home as your primary property in the future, buying it now at today's rate and the price could be a smart financial move. In that manner, your monthly payment is guaranteed for the next 15 to 30 years, regardless of what happens with rates and prices in the future.

Having multiple residences provides numerous advantages. If you're thinking about buying a second property, call (907) 720-4663. Vanna Siackhasone can assist you in exploring your possibilities, discussing the advantages, and moving forward with your house hunt.