Why People are Buying Second Homes
WHAT ARE SECOND HOMEBUYERS LOOKING FOR IN A HOME? This varies vastly. Here are a few desired selling points:
- Privacy – Mostly those looking at the home for vacation or retirement are looking for privacy.
- Location – Scenery, climate, proximity to nightlife or golf courses are often sought after locations. Six out of ten second-home investors are buying in metropolitan areas (National Associataion of Realtors®’ survey)
WHAT DO BUYERS INTEND TO DO WITH A SECOND HOME?
- Vacation – This is a prevailing thought that most people who own a second home simply have it for vacation. While this is common, only 37% of investment and vacation home buyers are looking for a vacation home!
- Rent – Charging rent is often what helps buyers afford their second home. It makes sense to make some income on the property while you aren’t there!
- Retire – A lot of people buying a second home intend to use it to retire in one day. Many of them will rent it out in the mean time to help pay for the property.
Galveston's Favorite is Multi Houses
South Padre's Favorite is Condos
Port Aransas' Favorite is Waterfront
HOW YOU DETERMINE WHAT TYPE OF PROPERTY IS THE BEST FIT?
KEEP IN MIND SOME OF THE HIDDEN COSTS
- Single Family Homes generally cost more, but have more space. Sixty to seventy percent of second home buyers opt for a single family home.
- Condo or townhouses are also a popular choice for second home purchasers. This option tends to come with less maintenance and cost, but also with less privacy.
- Multi-Family Homes are nice to rent out because you have multiple sources of income, but will require quite a bit of maintenance and management of tenants.
- HOA Fees
The National Association of Realtors came out with a research study showing that 40% of all homes sold in the U.S. were bought as second homes. Will you be one of them?
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