New Ways to Own
Owning a second home means different things to different people. Some see a second home as an investment to be enjoyed while it appreciates but, eventually, to be sold for a profit. For others it is a once-in-a-lifetime purchase, a magical place to make memories, to share with family and friends and, when the time comes, to pass on to the next generation.
No matter which category you fall into, here are some things to consider when buying that second home: Determine what you can afford. Get a mortgage pre-approval. Investigate local taxes and the day-to-day cost of living in your vacation community. Ask local real estate agents for appreciation averages for the past five to 10 years. Then look at the local market. Is is still appreciating or has it slowed down? A slowdown is not necessarily a bad thing. Sometimes, especially if the area has a solid history of high-priced sales, a slow market is the perfect time to buy. After you’ve done all of this research, ask yourself how much time you will be able to spend enjoying your second home. Be realistic. Maybe, instead of purchasing the traditional second home, a fractional vacation-ownership is a better choice for you and your family. To help your search, we rounded up several of the most exciting new opportunities in second-home ownership in our May issue, from fractional ownership to luxury hotel condos. Browse through an issue and chances are, you’ll find one that suits your lifestyle and interests perfectly.