Purchasing a Second Home in the Twin Cities
Tips on How to Choose the Right Property
The trend today for many seniors is to buy a home in an area where the pursuit of an active recreational lifestyle is abundant and where the property can also be shared by and with children. Many are young adults and or young, married and with growing families. The critical lure to certain areas are driven by proximity of family and secondly by desired activities that rank in this descending order of needs:
* Beach/Lake and or Water Sports
* Winter Recreation
* Biking Hiking Horseback riding
Purchasing Your Second Home
There’s a growing trend among late baby boomers and young seniors who are experiencing empty nest to invest in second homes. These homes often serve as a getaway, an investment and as well as a possible new permanent residence down the road.
Making An Investment: For many Americans, investing means real estate. For many late age boomers and young seniors, this includes purchasing A second home. This could be:
1. Vacation getaway
2. An income property
3. A second residence
Today, these options are increasingly becoming one in the same as they provide numerous opportunities for the owners to reap a multitude of benefits over time. With today’s growing population of aging baby-boomers who are retiring with record levels of equity income, some have tax-free profits of up to a half-million dollars. These may come from the sale of homes or poor performing stock investments. Many homeowners aged 46 to 65 are seeking the security of reclusive retreats and viewing them as great investments as well as wise lifestyle choices.
You are not Alone.
The facts are:
• Over half of all second-home owners consider their second home as a family retreat.
• One in six second-home owners over 55 plan to make their second home their primary residence after retirement.
NOW IS A GREAT TIME TO BUY AN INVESTMENT HOME!
A great number of second home buyers in the Twin Cities do not move into the second home right away. They rent them for some years, drawing income, procuring tax benefits and building equity.
We can help you consider the benefits and understand the motivations behind purchasing second homes. For more information on Second Home Investments, please contact us.