Reasons to Buy a Second Home
First, let's talk about why you should buy a second house. Why? Because it tells you something about what priorities you need to have in order.
You Can Afford It
The first big one, for most people, is a question of finances. Most buyers of second homes are in their 40s and 50s, when their children may begin leaving the house. You are no longer tied to one place because of school, and since your kids are out of the house, you may be looking to establish new traditions.
This is also the point in your life when you tend to be earning more, which grants you the freedom to look into a second property.
As investments go, real estate can be a highly rewarding option. Of course, there are still risks involved with real estate, so you have to do it right. For example, investing in property in an up-and-coming town can improve your property value over time—good news for the savvy investor.
Given that most people looking into a second home are in their 40s and 50s, you're likely considering what retirement will look like. A second property is a great way to plan for the future.
Finally, we can't talk about another house without talking about the tax benefits involved. Good news for you: the IRS allows you to write off the property taxes on your second residence. This applies whether it's an investment property, a rental property, or solely for your own use.