Many people think of a vacation home as something you buy just to have a warm place to go during a cold winter or for a change in scenery. While these reasons certainly do motivate some, there are quite a few other advantages to owning a second property that may surprise you.
If you’re on the fence about taking the leap and buying a second home, consider some of the benefits below that might make it worth the investment!
Gain a second source of potential income.
A second home doesn’t just have to be a place for you to retreat to when you need a vacation, it can be a haven for others too! In the off-season or weeks that you’re not living there, you can rent out your second property to travelers for some additional income. That profit can quickly have your investment paying for itself.
Take advantage of tax deductions.
Speaking of tax breaks, many people aren’t aware that the interest from your second mortgage loan, as well as interest on second property taxes, can be deducted from your gross income. This is only applicable if you use the property as a second home. However, if you do rent your property for a portion of the year, you can usually still deduct a portion of these interest payments in addition to rental operating expenses.
Have a second place to call home.
When you need a break from your everyday stressors, having a second location and community that are familiar to you can be a comfort. Having a second home gives you the opportunity to, essentially, build a second life. Make friends in your other community, enjoy another set of favorite restaurants and shops, and spend time relaxing with your family. A second home base is also a great place to host friends and families for special occasions or getaways.
Get an early start on retirement.
If you want it to be, a second property can be a home you retire to that you’ve already started paying off. Rental income will give you an extra financial cushion when you do retire, whether it’s to your second property or not. Plus, if you are considering retiring to your second home, buying it now will give you the chance to feel out the location and set things up before making the move permanent.
If you do decide you’d like to reap the benefits of second home ownership, Dreamweaver Concierge can help you pull it off with ease! When you book our housesitting services, you’ll never have to worry about your second property being unsecure or ill-maintained while you’re away. Our professionals will ensure your home is well-taken care of according to your specific needs and schedule.
Contact us today to learn more about our customizable housesitting service packages!