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Criteria List for Buying a Second Home

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By : Laura Nash    99 or more times read
The current economic slowdown and falling home prices has presented a wonderful opportunity to investors who have been looking for an opportune time for making their second home purchase. Many economists and property experts argue that this is perhaps the best time to take the plunge. In case you also fall in the category of people who have been deliberating on this idea, it would be good idea to first figure out the reason as to why are you buying a second home? The following reasons summarized below could be one amongst many reasons that might convince you to go ahead and sign on the dotted line.

Tax Concessions – The government has provided the home buyers with several tax incentives to purchase a second home. You could be partly financing your house from the amount that you would have to otherwise pay to the government as tax on your income. You must thank the government who is doing everything possible to revive the housing sector thereby giving a boost to all the sectors which rely heavily on the construction industry.

Great Return on your investment – The current property prices makes it a great financial decision. The return on your investments is expected to be pretty decent. Most experts of the real estate industry strongly believe that the turnaround is around the corner and it is just a matter of time before the housing industry is back on its feet and the property rises start to rise.

Looking for rental income – Even though the property prices have been subdued for more than the normal duration, there are certain pockets or areas wherein the rents have not come down in the same proportion. Purchasing a second house in these areas could be a great idea which would allow you to lock into a steady income from rental receipts. Just make sure you invest in an area which is on the radar of the professionals and always in demand from prospective tenants.

Enhancing one’s lifestyle – You could be one amongst many people who desire and dream of moving to a more stylish and a bigger place to live in which could move them up the second ladder. Many people yearn to improve the quality of their life by moving to a plush and more comfortable living place. It would be even more fantastic if the new neighborhood reduces the commute time for either yourself or your family members.

Planning for the future – Many people are far sighted to plan for their future needs with their children growing. Many choose their second home keeping the future educational requirements of their children. They are much ahead of the others and choose a place keeping in mind their own professional lives as well as the growing need of the family to shift to a more convenient and friendly location.

If one of the reasons listed above makes sense to you, just go out there and make it happen. There couldn’t be better times to buy a second home.
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