Finding Your Home Away From Home

If you manage to make enough money, then you’re not going to necessarily be moving home every time you buy new property. Rather, there’s a growing trend of investing in a second residence. In some areas, second-home ownership has gone up by 30% since the turn of the millennium. Some people are just sick of their homes. But why would you want another property, and where would you get it?

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Enjoy some city living

Most people might be trying to move out of the city to get some peace and quiet from urban living, but there are many who feel that’s entirely what they’re lacking. More people are starting to invest in properties closer to active city centers in order to stake a claim on the ultimate staycation destination, as WSJ investigates. City real estate is always high in demand, as well, so it can make you plenty of money as a short-term rental when not in use, too.

Get out in the wild

The much more conventional option is that people want space from the stress of ordinary life. The sights and sounds of nature, the sheer space available, and clean country air is why many choose to invest in properties like ranches from providers such as RMABrokers. Again, there’s significant profit potential here, as well. Beyond being just a piece of property, ranch-land can be used as intended for agriculture or livestock herding. If you want to get the most out of it, this means investing time in farming, but you can outsource the farming to paid contractors, too.

Look out across the sea

Vacation homes are a popular option, too. If you get full ownership, then not only do you get a travel destination all your own. When you’re not using it, you can rent it out to other travelers instead. Of course, during off-peak tourist seasons, you’re not likely to make as much from it. You don’t have to buy the property entirely, either. As Worldwide shows, vacation properties are some of the most widely used timeshare options, too.

Making some money out of it

A recurring factor has been getting not just a home away from home, but using that second home as a source of income. This takes extra work. Investopedia lays out the few guidelines worth following. You will be acting as a landlord, with all of the legal responsibilities that entails, for one. You can outsource some of those responsibilities to agents, but the buck stops with you at the end of the day. However, there’s extra incentive to taking that title, including tax advantages such as lots of expenses that can be deductible against the property’s income.

Perhaps the biggest explanation of the growth in second homes is that many people simply don’t like where they live, but find it a necessity because it’s close to their work. If you have the capital and you’re feeling that same dissatisfaction, a complete break-and-move isn’t the only option. Finding your home away from home could be just as good.

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