The Perks of Owning More Than One Home

We have all seen and felt it, a LOT has changed over the past couple of years, and real estate is no exception to that. One impact, especially from the pandemic is the heightened eagerness to own more than one home, whether its an investement property or a place to simple escape when, I don't know, it's the dead of winter and we are living in a worldwide pandemic? I digress. 

According to the recent Luxury Market Report from Luxury Home Marketing:

“As trends such as remote working and flexi-hours took hold in 2021, so too did the flexibility of relocating as well as the growth of second homeownership.”

This may be because the pandemic has altered how we think about our homes and where we live has definitly become more of a safe space and escape from the outside world. With the rise in remote work, more people are reconsidering where they want to live and buying second homes to give them greater flexibility. The question is, where to? 

If your life currently fits into this category, here are just a few of the perks you can enjoy in this shift of thought processes and lifestyle: 

Enjoy a Change in Scenery (or Weather)
When you have two homes, you can alternate between them as the weather changes or as you crave different scenery. (I'm not picturing myself on the beach in Mexico right now or anything...) Do you want to live in an area with a particular season? Would alternating between a resort and a suburban setting be more your vibe? With two homes, you have the capability to choose and they say to live life on your own terms right? Being able to move between homes based on which location best suits you at the time gives you added flexibility and variety that can help increase your happiness. (Where can I sign up?)

Build Your Wealth Faster
You may have heard that home equity is skyrocketing, thanks to ongoing home price appreciation. CoreLogic reports that the average homeowner gained $56,700 in equity over the last year. With home prices projected to continue rising, if you purchase a second home, you could benefit from rising equity on both properties to build your wealth (and your net worth) even faster. CHA-CHING!

Be Closer to Loved Ones
The pandemic has also reignited the importance of being near our loved ones. They meant what they said, home IS where the heart is. One option worth exploring is whether you want your second home to be near the people who matter most in your life. This makes it easier to see your loved ones but still gives you your own dedicated, private space so you can be nearby for major life events or longer visits.

Lock in Your Expenses
Buying a second home today and locking in your mortgage rate may be a good option if you’re looking to stabilize your housing costs for the long haul. If you’re approaching retirement or are looking to use your second home as your permanent residence in the future, buying that house now with today’s rate and price may be a good financial decision on your end. That way, no matter what happens in the years ahead, your monthly payment is locked in for the next 15-30 years. WOO!