The Perks of Owning More Than One Home

The Perks of Owning More Than One Home | MyKCM

Over the past few years, a lot of things have changed, and real estate is no exception. Increased desire to buy more than one home is one effect. According to Luxury House Marketing's most current Luxury Market Report:

“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 might be as a result of the epidemic changing the way we view our houses. More than ever, our homes have evolved into our havens and refuges. Also, more people are rethinking where they want to reside and purchasing second houses to provide themselves more freedom as remote work becomes more prevalent. These are just a few benefits you'll get from having a second home if you fit that description and why it can be a smart move for your present and future.

Enjoy a Change in Scenery (or Weather)

If you own two homes, you can switch between them when the weather changes or you feel like a change in scenery. Do you wish to live somewhere that has a certain season? Would it be best to switch between a resort and a suburban setting? You have such choices if you have two residences. Moving between residences as needed to fit your needs at any given time allows you more flexibility and variety, which can help you be happier.

Build Your Wealth Faster

You may have heard that continuing home price increases are causing home equity to soar. According to CoreLogic, the average homeowner's equity increased by $56,700 during the previous 12 months. With home prices expected to rise further, buying a second home could let you take advantage of rising equity on both homes to increase your wealth (and your net worth) even more quickly.

Be Closer to Loved Ones

The significance of being close to our loved ones has also been reemphasized by the pandemic. If you want your second home to be close to the people in your life who mean most, that is a choice worth considering. This makes it simpler to visit with your loved ones while yet giving you access to your own exclusive place, allowing you to be close by for significant life events or extended visits.

Lock in Your Expenses

If you want to stabilize your housing costs over the long term, buying a second house today and locking in your mortgage rate can be a wise choice. Purchasing that home now at the current rate and price may be a wise financial move if you're close to retiring or plan to use it as your primary residence in the future. Your monthly payment will then be fixed for the next 15 to 30 years, regardless of how rates and prices develop in the years to come.

Bottom Line

Having multiple homes has considerable benefits. If owning a second home is something you’re interested in, let’s connect to explore your options, discuss the benefits, and take the next step to start your home search.

Let's build your wealth by finding you your 2nd home! Contact us using this form:

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