Is a 2nd Home a Good Investment?
At first glance, the idea of owning two houses may seem overwhelming. However, there are several good reasons to own more than one property. With the current interest rates still low, now is a great time to consider buying a second home. Here’s why.
The property can be rented out, creating rental income that flows to you. This is an especially popular option for second homes near beaches or mountains, as these are ideal rental properties. However, many buyers have found that with the increased popularity of sites like Vacation Rental By Owner, many other types of homes are being rented by people looking for getaways in a cozy setting.
Another popular reason to own a second home is for your own vacation use. For Nashville residents, the most common spots to vacation are those within driving distance: Florida, Alabama and the Smoky Mountains. Vacation homes can be a fantastic fit for families looking to establish a second place to hang out.
Small business owners also use second homes for business trips. It’s a great incentive for employees to earn a free stay in great location. Vacation homes are also great for entertaining if you have clients who like to travel or live nearby.
Perhaps you envision a transition into a different home for your retirement. Homeowners often look to take advantage of low interest rates, locking in a property for future use.
Owning a second home is an increasing trend in real estate and shows no sign of slowing. If you are considering buying a second house, here are some things to consider first. Looking for rental or vacation property in the Nashville area? Give us a call at 615-567-5507. We’d love to show you around.