Should You Buy a Second Home Now?

If you’re thinking about buying a vacation home, you’re not alone.


The rate of second homeownership has jumped, as large numbers of Baby Boomers move into their prime wage-earning years. It is estimated that 6-10 percent of homes in the United States are second homes and that number is much higher in desirable vacation communities. Especially in SC where the Mountains and lakes meet. 


One should never rush into a second home purchase as it a big step and likely your second most valuable investment.

You need to consider it over time. Determine how much use your vacation home will get and how it can fit into your finances. Don’t forget to double everything. Buying a vacation home means that you will not only have two mortgages, but two property tax bills, water bills, fuel bills, etc.

Two homes mean more maintenance, including two plumbing and heating systems, septic systems, and roofs.  And if something breaks down in your second home, chances are you may not be there to see it.

For some, this is just too stressful; at the same time, owning a second home can be very rewarding. It can be the source of relaxation: a time to get closer to your family, a place to be a kid again, and a place to meet new friends. It can even be a place to retire.

Lastly, owning your own home is not like renting. You get to leave your stuff there to truly make it yours. You can make impromptu escapes, leaving the stress behind; and your children and grandchildren will feel more comfortable in a place they have learned to call home.

If you’re considering a second home purchase, where do you start?

Location. Consider your personal tastes, interests, and hobbies when you’re choosing a second home. For example, if you’re the type of person who thinks anything over a two-hour ride is long, you’ll have a fairly small geographic area in which to conduct your search.  If you plan to use your second home for a couple of vacations every year and long holiday weekends, then you can extend your search to a larger radius. Many second homeowners purchase properties in their favorite vacation spots because they already enjoy the area and want to spend more time there.

How much are you willing to spend? Prices can vary greatly. Up and coming communities are less expensive than established vacation hotspots which have seen explosive appreciation. Prices in these popular areas range from a home on the beach worth $1 million to the same-sized home a mile down the road worth half that price. Check current mortgage rates to get an idea of what your monthly payment might be. Don’t shy from jumping in the car and spending weekends looking for different vacation homes.  

I specialize in helping my clients find their perfect home.  The video below shows a small sample of the homes in the Upstate of south Carolina for sale.  I am looking forward to doing business with you.

Thanks Wayne Davis for the Article.