This summer we sold two cabins to families who couldn’t be more thrilled with their decision to purchase a second property. We hear things all the time from them and families just like them, that they enjoy having a place they can make a quick escape to. However, having a personal get-a-way isn’t the only advantage of owning a second property. We’ve put together these two lists to help you get started on the path having not just one, but two places to call home.
How to Save for a Second Property:
1. Make small cuts to your daily routine and watch the savings pile up! We’re talking eating out, daily coffees and any other weekly splurges that can be easy to lose track of the cost of. Make 2020 the year of saving money!
2. Use your tax return as part of a down payment.
3. Look around your house. Are there things you could sell or furniture you could reuse for the second property? Don’t assume just because you have two places it means you have to spend money on all new furnishings. Most of us have extra kitchen utensils, old couches and pretty much everything else you can dream up of needing for the second property.
4. Shop garages sales. If you can’t curate from what you already own, then hit up garage sales and put another person’s junk in your trunk!
Perhaps you’re wondering why or what you’d do with two properties. If that’s the case see our list of just some of the ways you could benefit.
Advantages of a Second Property:
1. Cost effective vacation. (Purchase within driving distance and save money on flights.)
2. A property that’s somewhat close in proximity can be visited more often.
3. Play your cards right and you might be able to turn your second property into an income property. (Think VRBO, AirBnB or Bed and Breakfast.)
4. It’s an investment that can be passed on from generation to generation.
Let us help you get started searching for a cabin, lake house or second property that suites you and your family, now and in the years to come! Contact us today.
