Seven and a half million American households in 2018 owned second homes, which accounted for 5.5% of the total housing stock. That was according to estimates by the National Association of Home Builders in late 2020.
It was also telling that half of the country’s second homes were situated in nine states — among them Florida. In fact, Florida accounted for six spots on the list of the 10 counties in the country with the most second homes.
If you don’t have a second home, is this something you’re interested in exploring either now or in the future? Owning a second home has its benefits.
Read on to learn about the top benefits of owning a second home. And, as the aforementioned research shows, Florida is as good a place as any to do so.
Owning a Second Home Can Earn You Extra Income
While you could use a second home for your household, you might want to use it as an income property. If this interests you, do your research to find a quality home in a great area. You can then rent it out for passive monthly income.
Investing in real estate can help you diversify your portfolio of investments. And you’ll always have the option of selling it should you wish to later on.
When you own a second home, you can also get tax benefits. You’ll be able to deduct property taxes, for instance. You’ll also be able to subtract interest on your mortgage at the same rate that you can do for your primary residence.
But you can also realize tax benefits if, instead of living in your second home, you choose to rent it out. Your best bet is to consult with a certified public accountant to get specific counsel about your unique situation.
Yet another good reason to buy a second home is that you’ll be able to have more quality family time. If you and yours love to vacation at a specific spot during the summers, buying a home in that region can be a great idea.
You and your family will have a dedicated space to enjoy the types of activities that families tend to enjoy. It’ll sure beat renting a cheap budget motel.
And if you keep the property in the family, your children and grandchildren will continue to enjoy time together at the second home for years and decades to come.
Familiarity is another of the second home ownership benefits. Since the property will be a second home that you own, you and yours will immediately feel at home when you vacation there.
You’ll also be able to develop friendships with other homeowners in and around the area. This will add to the sense of community and familiarity.
Vacation Property Rental Is Next Best Thing to Owning
There are many good reasons to purchase a second home. But if you’re not in a position to justify owning a second home, another good option is renting.
We offer condo vacation properties in Johns Pass, Florida, around Madeira Beach. Whether you enjoy swimming, golfing, fishing, or doing other things, you can bet that there are perfect vacation rental options available.
We also offer property management options should you end up buying a second home and require help collecting rent, vetting tenants, arranging maintenance work, and more.
Get in touch to find out how we can be of service to you. We’re here to help.