A second home is a great idea for someone who frequently visits the High Country. Most people know that vacation homes can be fun and relaxing getaways, but they can also be financially beneficial, and a great source of secondary income. For the opportunity to retreat to the mountains of North Carolina without breaking the bank, purchasing a second home is a great option to consider.
Vacation properties area great investment, especially in the Blue Ridge, because there is a finite supply views and frontage available. Additionally, tax deductions may be available depending on how you use your home. If you would prefer to mostly keep the house unoccupied while you are not using for personal enjoyment, you can claim this mortgage the same way you treat the mortgage on your primary residence. Since vacation homes are usually located in one's ideal area instead of where they have to live for work and family commitments, they keep their second home longer. This allows more time to pay off the loan and watch the house appreciate in value. If you go ahead and buy the home you'd like to reside in when you retire, you can save tons. By starting early, you build equity and reduce mortgage debt. When you retire, the profit from your current home may even be enough to pay off both houses.
Not only are second homes a financial advantage but they also provide unbeatable opportunities to escape from daily life. Returning to the same vacation home time after time gives you consistency and familiarity with the area. No need to check into a hotel or rent a house short term when you can return to a place where you feel comfortable and at home! This allows you to expand your social circle in the community, and build lifelong friendships with other residents. Additionally, you can forget about packing all your bags for a weekend getaway. You can store frequently used items at your second home such as ski gear, snow supplies, and heavy coats for a quick trip to the slopes without having to lug everything back to your primary home. Places stir up memories of holidays and vacations with special family and friends. Your vacation home can be the gathering place for your inner circle, allowing everyone to bond and spend treasured time together.
Whether you are looking to purchase a second house for the economic advantages or for the sentimental value, a vacation home is a great option. Between appreciation in value and tax deductions, they are a better investment than one may think. Plus they offer the chance to build a second social circle and a hearth for family and friends. If you're interested in owning a vacation property in the High Country, contact Liz Riddick to help you find the perfect second home!
