Sometimes it is nice to have a second home in a completely different area, this way you have the best of both worlds and can enjoy life’s simple pleasures to the maximum. This is an investment, but one that also has the potential to pay itself out in the long run. This choice will offer you not only versatile investment but also some pretty great financial options for you and your future. We will be talking about the benefits of owning a second home in this article to help you see that this is an excellent opportunity for you.
Convenient Getaways
Why not be able to take a week long getaway completely guilt free? When you have a second home you do not have to worry about all the packing and all the planning, and you will always be approved to visit. Vacancy is not an issue when it is your own home away from home. There is nothing worse than having to rush and plan a trip. I think we can all safely say we have been there. A huge advantage of a second home is the mere convenience of it. You can actually enjoy your trip, pack your bags and just go! When you arrive you have relaxation, rest, and a good time ahead of you. Another benefit is that all the things you would normally have to pack for a vacation will already be in your home where you are going, and you will not have to worry about space and spending money to buy what you may need. If you re taking a vacation in the mountains you may need skis, sleds, or hiking gear, you can have all these things at your disposal.
Home is where the heart is
I think for most when we take a trip the sense of home sometimes seems to leave us when we are in unfamiliar territory. Most of us feel safe in our homes surrounded by pictures on the wall of people we now and warm memories that bring us comfort. When you own your home away from home, you can fill it with what makes you happy, and what makes a home to you. This way you have the sense of you never left anywhere, it just looks different when you walk outside. Every family loves to make memories and what is a vacation for if not to create more moments to cherish forever. You can build and create more memories in your second home. This way you have two homes filled to the brim with happy energy that you have created. You can invite your friends, distant family and they too will not be bothered with the inconvenience of booking a vacation spot.
Start thinking of Retirement
We all work our entire lives waiting for RETIREMENT! It is smart to plan ahead when it comes to your future and retirement. This is a time in your life that you should be able to live without any normal day to day stressors. You have put in the work and you now have reached that moment when you can kick back and relax cause you 100% deserve it. Your second home can be your little escape. Most people will spend 6 months at one home and 6 at the other, this is usually determined by the seasons of where they are at. If you are residing in a private community for your second home every day can feel like a vacation as you are able to freely enjoy all of the amenities they have available to you. Being already familiar with where you are going to be will make the transition between places much smoother for you!
Possible Investment Property
Not that we have not already covered why investing in a second home is the right way to go, but another big point is you can turn this investment into profit if you ever decide too. Not only can you put it on the market you could very well make a double use for this second home. What I mean by that is, you can turn this property into a rental home, for when you are not using it. This is a nice way to double profit and to turn the rental money into revenue to bring the value of your home up by doing small projects to increase value. If you do not want to make this a full term rental you can Air B&B it or do vacation rental. The profit is huge if you decide to do this, also rental agencies are available to run this property for you if you know that you will not have the time, you will not have to mess with any of the not so fun stuff that comes along with renting, if you hire a professional to do the dirty work for you!
Tax Advantages
The tax advantages you get on your first home can also be applied to your new second home. This means you’ll be able to write off your second home’s mortgage interest and property taxes. Other deductibles can be taken out of your taxes, as well. The cost of owning a second home can be hugely reduced through tax deductions on mortgage interest, property taxes, and rental expenses. The Tax Cuts and Jobs Act (TCJA) changed how tax breaks work, as far as lowering the mortgage interest deduction goes.
In Closing
Buying a second home away from home can be a process, but in the end you have what you wanted at the end of the day. A nice spot to go and enjoy life with your family and those you love most. Vacation homes hold tremendous value on the market today, invest and turn your vision into a profit as well. Go get that home and start enjoying all that life has waiting for you!
Elk River Club is Banner Elk’s premier gated community featuring the state’s best horse stables, a Jack Nicklaus designed golf course, a private airport for guests, and so much more. Get the most out of living in the beautiful Blue Ridge Mountains when you buy a home in Elk River. Contact our Banner Elk real estate office today to learn more.