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Buying a home is a dream for many people – they want to own a property that they can retire in. Buying a second home, however, is not something that many do. A second home comes with many advantages, and so long as you can afford it you should do it.
• It provides your family with a home away from home. The typically second home buyer is in their 40s or 50s, and by this time their parents have passed on and their children have flown the coop. A second home is a great way to keep family traditions alive – during the holidays everyone can gather there and get a much needed break.
• A second home is an excellent place to retire. If there is somewhere you have always wanted to live but haven’t been able to do so you should consider buying a home there. Once you retire it becomes easier to transition, and before retirement you have the opportunity to establish roots in the community.
• Buying a home also has financial advantages – over time property values increase, and many people use second homes to finance their children’s university education. If you buy a house and rent if you can also make money every month – just make sure that it is empty during the holidays so that your family can still gather there.
• Buying a second home is a great way to increase your financial portfolio. For many people, their home is the most important asset that they have. If you buy a second home you will increase the value of your real estate portfolio and give you financial stability.
• Buying a home in an exotic location is a good way to learn about the way of life of people from another part of the world. You may find that many of the exotic locations end up being the more affordable places to live also. Many people, for example, buy a home in South American countries because it gives them the chance to enjoy the rich culture of the people and learn the language.
These are not the only benefits of buying a second home – there are significant tax advantages as well.
The biggest obstacle to buying a second home is that it is harder to get a mortgage – you will need a bigger down payment, a good credit score and the lender will charge higher interest rates. You should not let these things stop you – people buy second homes all the time and so long as you are working with the right real estate agent they can help you buy your second home. A second home will also require maintenance, so don’t foregt to factor that in as a long term cost.