Is a Second Home a Good Investment?
Did you know?
Almost 40% of those buying a second home don't plan to use it for vacation purposes, but rather as an investment property.
In most areas throughout the region, home values have appreciated at an exponential rate. Partner that with continued low interest rates and many homeowners find they are in a good position to invest in additional real estate.
While many second homeowners are seeking mountain seclusion or a beachfront getaway, the number of those investing in a second home to pad their portfolios is growing consistently.
Is a second home in Wenatchee or Leavenworth a wise investment for you? There are several factors to consider:
Can You Afford It?
There are many costs associated with owning a second home besides the additional mortgage. Some things to keep in mind are maintenance, repairs, property taxes, security, and insurance.
Location, Location, Location
Where you choose to look for a second home can determine how smart an investment might be. For instance, a river front home sounds lovely and should be easy to rent when you're not using it, is it in a flood plain and what are the setbacks?
Also, if your investment property is located in another city or state, consider the travel expenses, not to mention time, involved with every visit or check-up.
Another issue can be the market in which the property lies. Houses might have appreciated steadily over the past years, but what is its appriciation in the current market?Is the market changing up or down or has it become a more balanced market?
How will owning a second home affect your taxes? Each case is different. I recommend talking to your lawyer or financial advisor to fully understand the benefits and potential pitfalls.
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Your Eastern Washington Real Estate Expert
As your Wenatchee Realtor it is not only my job but my passion to help you find and purchase the right home for your needs. Weather it be in Wenatchee, Leavenworth or other areas of Chelan and Douglas Counties. I love helping to bring buyers and sellers together over the right house at the right price. My areas of service include but are not limited to, Wenatchee, East Wenatchee, West Wenatchee, Cashmere, Entiat, Orondo, Sunnyslope, and Rock Island Washington. Please feel free to call or email us anytime. For JoAnn: 509-421-4378 For Dewayne: 509-421-4377 | firstname.lastname@example.org. We want to be your complete source for all Wenatchee real estate.
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