Second Home Purchase: Common Reasons and Benefits

There are a wide range of different buyer needs or desires that might be present as you enter the home market, including buyers looking to purchase a second home. Whether you're doing this for investment reasons, personal reasons or some combination therein, a second home offers a variety of potential benefits depending on your situation.

At Primary Residential Mortgage in Brownsville, we're happy to help with a variety of home loan and mortgage rate options, including for those entering the market to purchase a second home. What are some of the reasons why you might consider a second home, and how do such homes typically benefit their buyers? This two-part blog series will start out by discussing common needs for a second home, while part two will dig into some general tips on a second home purchase if you're going this route.

Second Homes Are Ideal for Vacations

For couples or families who take the same vacation every year, such as to a common beachfront location or to a cozy winter getaway, purchasing a second home in this area is often a fantastic way to both save money and improve comfort and convenience. Second homes can also work well for those who like one vacation area, but want to experience a variety of new sights in that vacation area.

For example, you might have an annual beach trip that the whole family loves. Instead of making frequent weekend trips from anywhere else in your home state to see the beach over many years, purchasing a second home in a beach locale can provide easy access to this area every year.

A Second Home for Parents

In other cases, buyers are interested in a second home for their parents rather than for themselves. Many people want to keep their parents close as they get older, but it's often hard for them to do so as the parents have more trouble getting around, or they might be more absent-minded after certain medical procedures.

For example, your parents might not like living in an assisted care home -- but at the same time, you'd rather not see them move out of their current house and into a new location entirely. Purchasing a second home nearby could be a great compromise, as it would allow the parents to stay in their own home while also making frequent visits easy for you. Depending on the type of housing your parents want, this can sometimes even work well with a small nursing care facility in-home after your parents get older.

Second Homes Can Be Part of Retirement Planning

Finally, many purchase a second home as part of their long-term retirement planning. Some buyers will pay for a smaller second home with equity and dividends from their first home that have built up over the years; when they become ready to enter retirement, then, they sell the original home to fund retirement needs and move into the second home.

For more on the common benefits of purchasing a second home, or to learn about any of our mortgage rates or other services that will help you along here, speak to the staff at Primary Residential Mortgage today.