Why should I own a second home?

Posted in Golf Real Estate , Myrtle Beach Real Estate

The number one reason to own a second home is for the enjoyment it brings. While the financial implications need to be considered, the main goal is for your second home to be fun, relaxing, and enjoyable. 

Enjoyment
A second home offers a getaway from the stresses of everyday life, giving you an opportunity to recharge, relax, and gain perspective. Whether it is playing golf, relaxing on the beach, playing tennis or whatever makes you happy your second home should be considered your R&R headquarters.

Retirement
Real Estate is an investment in your future. Your favorite location might be a lot more expensive in 5-10 years when you plan on retiring. There are great values in the Myrtle Beach market and if you are not ready for a home or condo you can always buy a homesite and build your custom home when you are ready.  

Investment

• Diversification: With the instability of the stock market real estate offers a chance to diversify into a non-aggressive investment.
• Appreciation: Despite all the negative Media reports and some short term loss of value, Home Values long-term have and will continue to rise.
• Rental Income: Renting your second home can often offset Home Owners Dues (HOA Fees), Insurance, Taxes, and sometimes depending on the desirability of the property even help with the mortgage.
• Taxes and Mortgages: Cost associated with second home ownership often provides tax right offs during ownership or when you sell the property. Please consult with your accountant if this is the main reason you are purchasing a second home.

Don’t be overly optimistic on rental income… Your vacation home will not pay for itself immediately and in perpetuity. A vacation home can be a great engine for your money, but it takes careful planning, good advice, and guidance. Do not buy a second home on the assumption that it will pay for itself.  

The time has never been better to purchase real estate if you are thinking of a second home, primary residence, or looking to diversify your investments please contact me.  There is tremendous value in the Myrtle Beach Real Estate market – Now is the time!

2 Responses to “Why should I own a second home?”

1. Jay says:

   November 17, 2008 at 11:34 am

   I bought a second home for use in retirement but rent it out through holidaylettings.co.uk in the meantime. It’s more or less paying for itself, so couldn’t agree more with your post!
2. jason says:

   November 17, 2008 at 12:10 pm

   Jay – congrats on the retirement and the second home — please let me know if I can help you with anything in Myrtle Beach — Jason 843-222-2672