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News Flash!
News Flash!
If you are thinking about buying a second home, you are not alone. A 1995 survey by the American Resort Development Association found that 60 percent of households surveyed feel they have a likely chance of purchasing a recreational property in the next ten years, a figure that rose 30% from the survey in 1990.
The average age for the majority of vacation home buyers ranges from 40-50 years old. Qualifying as the baby boomer generation, this group of second home buyers consists of 80.5 million people out of the U.S. population of more than 260 million. Demand for vacation homes is rising as a result of consumers' increasing desire to capitalize on low interest rates, low unemployment rates and a strong real estate market offering many viable second home options.
When purchasing a second home, many baby boomers seek properties that offer access to recreational areas as well as amenities ideal for retirement living. Finding a fully functional dual purpose second home requires meeting a number of physical and emotional characteristics. A trained real estate professional can help you identify your short and long term needs as well as a home that provides the qualities you require.
When choosing the ideal vacation/retirement community, look for services and features which reduce the stress of owning a second home. Furthermore, finding a home with one floor living or limited stairs will be preferable as you age and as your home evolves from a recreational home to a permanent residence. For example, free standing homes require a lot more upkeep, so properties that include gardening services or rubbish removal such as condominiums or gated communities with town houses are an option worth investigating.
Once you and your broker have identified a second home, the following are tips to protect your second home investment:
Develop a trustworthy contact who lives near your new home, either a neighbor or a paid caretaker, to keep an eye on the property and collect mail that accumulates. Make sure this person has all of the necessary information to contact you.
To make the home appear to be fully occupied, ask your caretaker to park occasionally in your driveway. Timers are good for keeping lights on, but their schedule should be varied regularly.
Set up an answering machine. Change the message occasionally and check the messages often.
Make sure all doors and windows are locked and secure. Consider installing an alarm to protect your home when you are not there and to serve you when you live there in the future. A quality security system can be purchased through a reputable company like ADT.
Remove all keys hidden around the property.
Enjoy the time spent in your new second home, for vacation, recreation and ultimately for fulfilling retirement living.
Owning a second home can also produce rental income when you are not using it. Make sure you run some credit and bank checks on renters to have a better understanding of the type of person you are renting to. Always require a deposit up front which is usually one month's or one weeks rent depending on the length of the rental and/or whether it's for a vacation or full time rental. The rent you collect is considered income on your yearly taxes but you can write off any improvements made to the home.
Whether you own or rent while you are visitng our beautiful Northeast and lake region Pennsylvainia, remember to obey and respect all local laws, rules and regulations. Check with your local building supervisiors for any required building permits and zoning laws. Keep our local environment clean and pretty so that future generations can enjoy the beauty of our local nature too.
By: Lisa Alexander
Certified Eco Broker
