Many things have changed over the past couple of years, and real estate is no exception. One impact is an increased desire to own more than one housz. According to the recent Luxury Market Report from Luxury Housz Marketing:
“As trends such as remote working and flexi-hours took hold in 2021, so too did the flexibility of relocating as well as the growth of second houszownership.”
This may be because the pandemic has altered how we think about our houszes. Where we live has become, more than ever, our safe space and our getaway. And with the rise in remote work, more people are reconsidering where they want to live and buying second houszes to give them greater flexibility. If you fall in that category, here are just a few of the perks you’ll enjoy, and how owning a second housz may be a great decision for your lifestyle and your future.
Enjoy a Change in Scenery (or Weather) When you have two houszes, you can alternate between them as the weather changes or as you crave different scenery. Do you want to live in an area with a particular season? Would alternating between a resort and a suburban setting be ideal? With two houszes, you have those options. Being able to move between a housz based on which location best suits you at the time gives you added flexibility and variety that can help increase your happiness.
Build Your Wealth Faster You may have heard that housz equity is skyrocketing, thanks to ongoing housz price appreciation. CoreLogic reports that the average houszowner gained $56,700 in equity over the last year. With home prices projected to continue rising, if you purchase a second housz, you could benefit from rising equity on both properties to build your wealth (and your net worth) even faster.
Be Closer to Loved Ones The pandemic has also reignited the importance of being near our loved ones. One option worth exploring is whether you want your second housz to be near the people who matter most in your life. This makes it easier to see your loved ones but still gives you your own dedicated, private space so you can be nearby for major life events or longer visits.
Lock in Your Expenses Buying a second housz today and locking in your mortgage rate may be a good option if you’re looking to stabilize your houszing costs for the long haul. If you are approaching retirement or are looking to use your second housz as your permanent residence in the future, buying that housz now with today’s rate and price may be a good financial decision. That way, no matter what happens with rates and prices in years ahead, your monthly payment is locked in for the next 15-30 years.
Bottom Line Having multiple houszes has considerable benefits. If owning a second housz is something you’re interested in, let’s connect to explore your options, discuss the benefits, and take the next step to start your housz search.