How to Prepare Yourself for Owning a Dual Purpose Second Home

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 of 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.

  • 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.

I would be pleased to give you additional information about identifying both an area and home ideal for your fulfilling your second home needs.

About The Author

W. Troy Swezey is the author of "How to Prepare Yourself for Owning a Dual Purpose Second Home." As a Realtor at Century 21 Paul & Associates, he has helped many individuals with their real estate needs. Visit his web site to download his free e-book, "REAL ESTATE SECRETS EXPOSED." http://www.TroyIsMyRealtor.com or [email protected]

In The News:

Future of commercial real estate in India - People  Construction Week Online India
Pune's real estate market post pandemic - People  Construction Week Online India
The 10 best cities for lab real estate  Becker's Hospital Review
ESG in real estate - People  Construction Week Online India

If You Cant Afford to Retire...Move

According to Warren Bland, PhD, an award-winning author and geographer... Read More

3 Tips to Help You Sell Your Timeshare - For More

The values of timeshares are constantly changing. There are numerous... Read More

Home Inspectors - Negotiating a Lower Price

To help you negotiate a fair sale price for a... Read More

Is Housing and Real Estate Bubble Hype Irrational Exuberance?

Not so, says the author of this article and four... Read More

Real Estate Investing Deals That SkyRocket Your Net Worth 10-Fold

Consider these parameters for a real estate deal:Property Value: $250,000... Read More

The Ultimate Short Sale Secret

Buying foreclosures can be extremely profitable for real estate investors.... Read More

Sell Your Home Without a Realtor and Save Thousand$$$

A typical real estate commission on a $234,000 home (national... Read More

Saving for a Home

So you want to buy a home? This is a... Read More

Real Estate Appraisal - Rental Properties

Real estate appraisal for rental properties isn't the same as... Read More

What to Look for in a Home

Searching for just the right home can be very exciting.... Read More

Water, Water Everywhere on the Waterfront

Waterfront living is among the most desirable of locations in... Read More

Finance Your Real Estate Investment Properties

Unlike traditional residential real estate mortgages, real estate investment financing... Read More

Where To Start In Looking For A Central Illinois Realtor

Central Illinois is an excellent location for families and businesses.... Read More

A Difference Between Appraisal, Assessment, Home Inspection

Every one should have a home inspection before purchasing any... Read More

Questions Investors Should Ask When Buying and Selling Investment Property

If you're a real estate investor, here are several questions... Read More

10 ?No Money Down? Ways to Buy Real Estate

Turn the Television on any Sunday morning and you'll find... Read More

Buying and Selling Real Estate: Negotiating to Win-Win

You don't get what you deserve - you get what... Read More

Real Estate Remains A Strong Investment

Opportunities to make big, quick profits in residential real estate... Read More

Are You Trying to Hit a Home Run With Your Prospects Without Asking Them on a Date?

Real Estate email marketingDo you remember the old School girl/boy... Read More

Regarding Real Estate On Leased Land

1.Why are there so many properties on leased land?There are... Read More

Landscaping Adds Great Value to Real Estate And Helps You Sell

Over the years several of our clients have had professional... Read More

Do I Need A Real Estate Survey?

Getting a survey before you close on any real estate... Read More

Seller Objections To Lease Purchase

A large percentage of the mail we receive are from... Read More

Salt Lake City Real Estate

From the mountains to the valley, there are many types... Read More

Land for Sale

Think owning land would cost a fortune? Think again! While... Read More