If you’re a frequent traveller (whether that’s for work or just for fun), you may have often wondered if you should bite the bullet and get a “summer home” for those frequently visited destinations?
Many families outside of the U.S. have second homes in exotic locales, or places where they love to visit. Whether that’s a cheap cottage in the woods in Appalachia, a “bach” by the water in New Zealand, a condo for rent in Singapore, or a secluded cabin on the ski slopes in Europe, having a home away from home is a great investment and a great thing for you and your family. Just knowing there’s somewhere to go when you need to get away from it all is a boon to your mental health!
You may have been wanting a second home for a long time, but haven’t known when the best time is to pull the trigger. You may have worries about whether or not it’d be a lucrative idea, or if you can really afford it. There are plenty of ways to get around this. If you’re looking for a summer home in the U.S. checking out HUD and other similar sites can help you find a good deal on something affordable, often in areas where people frequently travel. Purchasing a fixer-upper is another great idea; you and your family can renovate the place at your own pace.
If you’re looking at renting or buying something outside the country or in a much-coveted destination spot, you can justify the expense by renting out, subletting or doing Airbnb for the times that you aren’t staying at the property. You can make a pretty decent chunk of change doing this; looking at a property as both a second home and an investment for extra income can be a great idea.
Many younger people are also choosing to go into buying or renting a second home with a friend, or other family members. These “shared” homes are communal spaces, saving both parties money and encouraging social time with each other, which is always a plus!
Even without that option, though, having a second home, whether you rent or buy, is a great way to facilitate bonding and R&R time with your family, saving on hotel and lodging costs when you travel, and is a great investment idea no matter how you look at it. It will pay off for years to come, providing your family with years’ worth of memories, saving you money and giving you a second option for living space no matter what might happen down the line. There’s a reason why so many families outside the U.S., even ones who aren’t considered particularly wealthy, have a second home.
If you’re a frequent traveller, love going on holiday, or are just looking for a good place to invest your money, purchasing or renting a second home is quite simply a win-win.