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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.
Article written by W. Troy Swezey
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.” www.TroyIsMyRealtor.com
or TroyC21@usa.net
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