![]() | |
![]() | |
![]() |
Real Estate Information |
|
![]() |
Is Second Home Ownership In Your Future?
According to the National Association of REALTORS® (NAR), a record 2.82 million second homes were sold in 2004. Given attractive interest rates, a strong housing market, and the increasingly mobile lifestyle of North Americans, it comes as no surprise that the resort and second home market is enjoying steady growth. For some, purchasing a second home is a financial strategy to help them grow and protect their wealth -- and certainly vacation getaways may provide rental income opportunities to help savvy boomers offset the expenses of second home ownership. Others may be motivated to buy a second home because it can be used as a "family retreat," to be later transformed into a residence after retirement, and then handed down as a family legacy. Here are some interesting statistics from the NAR 2005 Profile of Second-Home Buyers: The typical vacation-home buyer is 55 years old with a total household income of $71,000. Investment-property homebuyers have a median age of 47 years with a typical household income of $85,700. 33 percent of vacation homebuyers wanted a second home close to their job or school; while 24 percent wanted the home close to their primary residence. Nearly one out of five second homes will become primary residences after retirement. Because technology affords the freedom of telecommuting and "working where you play," the decision to own a second home or resort property has been made easier than ever before. If purchasing a second-home is in your future, whether as an investment or for personal use, now is the time to get the information you need to make an informed decision. A qualified real estate professional can help guide you through financial considerations, assist you in finding the right community and even refer you to a resort property specialist for the destination of your dreams. Your real estate professional may even be able to get you the information and advice you need to use the equity in your current home to finance the down payment on a second home. If you are planning to use your second-home as a vacation retreat, make sure you consider your needs. Are you looking for a secluded location in the woods or somewhere with an active community? Natural beauty is great, but don't forget about cultural and social resources, as well as first-rate golf, tennis and other popular sports facilities when scouting locations.And what about location? For example, buyers from the Northeast are the biggest feeder market for second homes in the South. Many San Franciscans retreat to Lake Tahoe, while Bostonians gravitate to Cape Cod. However, there may be many great locations not more than two to three hours away from your home. You will likely get more enjoyment out of a property you can get to quickly and frequently. Since you know the area, chances are you'll make a better real estate investment closer to home. If your second home is mostly for investment purposes, ask your real estate professional about property management options, which can be a crucial financial factor, as well as important to peace-of-mind. Location is also a factor for those buying a second home as investment property, especially if appreciation or rental value is your goal. According to the NAR survey, the median distance between the primary residence and the investment property is 18 miles; and 44 percent are in the suburbs. There are also tax implications to consider with your investment. If you rent your home for 15 days or more in a year, you may have to declare the rental income. However, your expenses may be deductible. You'll want to confer with your tax advisor to learn how your purchase will affect you financially. How you use a second home is up to you, but make sure you look at each property with an eye toward tomorrow, because the vacation homes likely to appreciate the most are the ones that Baby Boomers can play in today and retire in tomorrow. Neda Dabestani-Ryba is a licensed Realtor in Maryland. She is a member of the President's Circle of Top Real Estate Professionals. She can be reached at (800) 536-3806 or visit her website for more information: http://neda.dabestani.pcragent.com/ Prudential Carruthers REALTORS is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.
MORE RESOURCES: Real estate inquiries by wealthy New Yorkers into Florida properties jump 50% after Mamdani primary win Fox Business Residential real estate developers cut jobs as downturn deepens The Globe and Mail Real estate CEO warns of growing ‘exodus’ as people have ‘given up’ on California — but where are they going? Yahoo Finance Compass to share exclusives — if brokers, MLSs play by 2 rules Real Estate News by RealEstateNews.com Russian Demand for U.S. Real Estate Surges 78.5% The Moscow Times Providence Hill Real Estate owners buy office building near Tuckahoe HQ Richmond BizSense WA real estate firm fired woman for reporting harassment, lawsuit says The Seattle Times Commercial real estate update: As big box brands buckle, the three A's can save the day Tallahassee Democrat Nantucket’s Workers Are Living on the Margins The New York Times Here are businesses on the move in Marin, Solano, Napa, Sonoma and Mendocino counties The North Bay Business Journal Despite signs of market rebalancing, real estate in this NJ town remains hot. Here's why Bergen Record Real Estate Transactions sungazette.com $1.225 million Symmes Township home sale among the week's top property transfers Cincinnati Enquirer A Look At Plymouth Co Real Estate Numbers WATD 95.9 FM LOCAL REAL ESTATE TODAY 7.11.25 KQEN News Radio Agent-built AI chatbot serves up real advice with a sense of humor Real Estate News by RealEstateNews.com Business Spotlight: Trujillo Commercial Real Estate Group The Paso Robles Press TIM SCOTT REAL ESTATE - 83275 Caledonian Record Berkshire County Real Estate Transactions for June 23-27 The Berkshire Eagle Dawson County weekly real estate transactions, July 11 Central Nebraska Today Florida real estate: See the most expensive home sales across the Treasure Coast in June Treasure Coast News RLTY: Reasonable Real Estate Income For Now (NYSE:RLTY) Seeking Alpha NYC Real-Estate Execs Throw Money Behind Adams to Counter Rise of Mamdani The Wall Street Journal Berkshire region real estate sales – July 11, 2025 The Berkshire Edge Homes for Sale in Manhattan and Brooklyn The New York Times Weekly building permits, real estate Boca Beacon Jackson State To Offer Real Estate Course Radio NWTN Fond du Lac County property sold for $700K in real estate transfers for June 30-July 3 fdlreporter.com A tale of two Floridas: Real estate industry torn over DeSantis' push to eliminate property taxes Fox Business Savvy STR Agents: How Tyler Coon Turned a Passion for Short-Term Rentals Into a Thriving Real Estate Empire International Business Times EG Real Estate: 8 New Listings & 5 Sold East Greenwich News How a legal battle of real estate titans affects home buyers Straight Arrow News Queens real estate trends: What buyers are looking for, according to Compass agent Thomas Caramanno Queens Post SDCERS to lift infrastructure allocation as it trims real estate IPE Real Assets TRS Texas commits $675m to real estate Private Equity Real Estate | PERE The Seyon Group Acquires Industrial Portfolio in North Andover for $12.5 Million Boston Real Estate Times Michael Guthrie discusses real estate uncertainty amid Charlottesville zoning freeze Cville Right Now Real estate news: 18-unit apartment complex in Surf City fetches $7.4 million Orange County Register Real estate investors are purchasing more U.S. homes as high prices lock out would-be buyers CBS News NEO's industrial real estate market loosens slightly but remains tight Crain's Cleveland Business Mortgage Rates Today: The States Offering Lowest Rates – July 11, 2025 Norada Real Estate Investments Tampa real estate investment firm under investigation for potential deceptive practices Florida Politics Patrick Cadle joins Grist Real Estate Mountain Messenger New Hampshire housing market sees 65 straight months of growth The Laconia Daily Sun Hawaii residential real estate experts on negotiating and marketing homes in 2025 The Business Journals Navigating Trump's Tax Megabill: Winners and Strategies in Real Estate, Manufacturing, and Energy AInvest Why mid-sized real estate is finally going solar pv magazine USA Real estate feels weird right now — but not broken Rome Sentinel Department of Taxation and Finance dos.ny.gov Wake Up Your Real Estate: New Broker Compensation Law Affects Nonstop Local News Developer, neighbors worked together to decide how a key corner of Austin will look The Business Journals 2025-2030 Five-Year Housing Market Predictions U.S. News Real Estate Local casino architect lists home in The Ridges Las Vegas Review-Journal Real Estate: What’s happening in the 2025 market The Daily Tribune News Commercial real estate leaders join UofL's new Real Estate Center board to shape future talent The Business Journals WINA Real Estate Analyst Michael Guthrie Cville Right Now The FARE Act Doomsaying Hasn't Come to Pass—But NYC Real Estate Brokers Are Still Playing Games Hell Gate 10 of the Most Expensive Homes for Sale in New Jersey in 2025 New Jersey Digest Streamlined Payroll Processing Services in the USA Elevate Real Estate Efficiency with IBN Technologies’ Expertise Barchart.com |
![]() |
![]() |
![]() |
RELATED ARTICLES
If You are Hiring a Neighborhood Specialist to Sell Your Home, there are Some Things You Absolutely My husband and I were eating breakfast at the Good Egg the other morning and couldn't help but over hear a fellow talking to his elderly parents about their home. It was fairly obvious that his father had a hard time hearing and the louder he talked the more I was tuning in to what he was saying. Alicante to Mar Menor - You can Still Find Cheap Property in Spain The Murcia region in Spain benefits from some of the most beautiful coastlines of Europe. Nowhere else will you find so many fascinating contrasts - with Spanish Mediterranean architecture, magnificent mountain ranges and beautiful long sandy beaches. Purchase Your First Home with Confidence If you are making the transition from renter to homeowner, you're not alone. In 2004, 40 percent of homebuyers were purchasing for the first time, according to "The 2004 National Association of REALTORS® Profile of Home Buyers and Sellers. Apres-Ski European tax haven Andorra enjoys the same fiscal benefits as better known Monaco, adding to property demand from those looking for residency in a tax shelter as well as traditional ski chalet buyers who flock to the country between December and April each year.With the end of the ski season last month many ski resorts in Europe have closed up shop until early December with overseas property owners having little prospect of rental income in the summer months. How To Go About Selling Your Home On Your Own In days of booming real estate, you would think that selling a home shouldn't be too much of a task. And if it's going to be that easy then why not do it on your own and save yourself on thousands of dollars in commissions. Mortgage Broker Training: How to Secure Loyalty From Realtors So you've just returned to your office after delivering an Oscar worthy presentation to a real estate agent. They're impressed and ready to do business with you. The Echo Boomers - The Next Big Consumers The Echo Boomers or Generation Y currently make up about one third of the US Population. Many of the Echo Boomers are starting to reach an age where they want and need things like, Houses, Cars, Insurance. Selling Your Home - Alone or with a Broker? How do you decide whether to sell your home (or land, farm, ranch, etc.) on your own or use a real estate broker? There are pluses and minuses to each approach. Should You Allow Buyer To Rent During Closing? It's not uncommon for an investor to sell a house and have the buyer request the right to rent and occupy the property while the closing is being completed.You're a bad guy if you refuse and often in hot water of you agree. How to Get Financing after Filing Bankruptcy If you're thinking about buying a home but have declared bankruptcy in the past, don't give up hope. There are still ways for you to be able to find a loan, even if your credit history is less than sterling. For Sale By Owner - Use This Tip To Sell Your Home Quicker and At a Better Price Your house is for sale by owner (fsbo), Along with columns of countless other FSBO's in the Sunday paper. This one little trick will enable you to have your Ad Noticed by more potential buyers. How to Buy a Home When Your in Your Twenties A Single's Game of Real Estate(Getting started in your twenties)Due to the fact that most of us grow up in either a rented apartment or our parent's single family home, it stands to reason that most people, when beginning to ask themselves the question of purchasing their own dwelling, will come to the conclusion that a condo or small house is probably the way to go. That's a result of conditioning and it's a hard mindset to break! After taking the time to talk to or personally guide a respectable number of people in their twenties, I have come to find that firm, direct and accurate information can really adjust the reality of how real estate can be acquired and used to their best advantage starting with property that sets the tone for a much more profitable and rewarding future. Timing Is Everything When It Comes To Buying Homes The old adage that "timing is everything" especially applies to buying a new home. And trying to be at the right house at the right time and get it for the right price can be tricky. Florida Real Estate Exploding For 15+ More Years? YEEHAW!!!!!! The south will rise again!! Can't you just imagine the Dukes of Hazard boys sitting on the hood of their car (the General Lee) grinning in front of a For Sale sign in their yard? Well, they should be smiling with the prices in the south, and especially in Florida. But will this Florida real estate trend continue? That is the $100,000 question. How Much is that House in the Window? With the recent release from the UK's biggest mortgage lender, the Halifax, of its latest house price report for May 2005, showing that prices fell by 0.6% last month, and prices falling just 0. Best Time to Buy? Best Time to Sell? When is the best time to buy? When is the best time to sell? I get asked these questions constantly everywhere I go. In short, the answer is that it depends on your individual circumstances. 3 Tips to Help You Sell Your Timeshare - For More The values of timeshares are constantly changing. There are numerous timeshare-selling companies arriving every day. Las Vegas Real Estate - Luxury Properties Las Vegas is known for it's over the top hotels and casinos, larger than life celebrities and jaw dropping shows.Over the past couple of years the Real Estate Market has taken center stage breaking national sales records in 2003 and 2004 with record appreciation rates as high as 52%. How Do You Profit From O.P.P.? In a previous article we introduced you to the concept of O.P. Real Estate Remains A Strong Investment Opportunities to make big, quick profits in residential real estate tend to come and go in cycles. When a local market is hot, families may find it possible to buy a house at an attractive price, fix it up, and watch its value rise in just a few years. ![]() |
home | site map |
© 2006 TIGER MEDIA |