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You are here: Home / Buying a Home / Second Home

Second Home

Second Home

Whether you are dreaming of paradise or profit, be realistic about what type of second home suits your lifestyle. Many people look forward to buying a second home that can be used for vacations, or as a primary residence during retirement. For those looking for a weekend getaway, staying within a day’s drive of your primary home could be a good move. If  you want your second home to someday serve as your retirement spot, assess the home’s accessibility and check out health care services in the area. With all that said, keep in mind there is a big difference between a second home and an investment property. Which is why evaluating your needs and long-term goals is important. A second home is a residence that you intend to occupy in addition to your primary residence for part of the year. While an investment property is purchased to generate income, profit from appreciation, or to take advantage of certain tax benefits.

A second home is a great investment for your retirement…

The key is to choose a place that will work for you now and in the future…

Buying A Second Home

Reasons for buying a second home vary, from recreation and vacation enjoyment to investment and development to retirement planning. If you’ve long planned to retire somewhere warmer like the Palm Springs area. Buying a second home means that you can ease into this big transition. Sure, it’s a scary thought when you consider how current mortgage interest deductions have been impacted. But, the idea of owning a second home is still tempting! Just think you can buy a home near your favorite vacation spot, and when you are ready live there full-time. Plus, real estate is a physical, tangible thing to invest your money in. The fact that you can drive by it, walk around it, and make improvements to it with your own hands makes it attractive to anyone looking for a “safe” asset.

Mortgage Interest Deduction on Second Homes

Retirees Enjoying Their Palm Springs Home

One of the greatest benefits of owning a second home, is having a place to retreat and some day to retire. The good news is, you can still deduct interest on mortgage debt on your primary home and a second home. The new law keeps this part of the former tax law in place. Although it reduces the amount of eligible mortgage debt. There will always be that spreadsheet person who buys a home based on the tax advantages. And, for that person buying a second home may not be the answer. Unless that is, they are buying it as an investment property. But, in general, people buy second homes because they either want a place to retreat to, or a place for retirement. And, sometimes there are those who buy a second home for a place to retreat to. And, when it’s time to retire, they sell their primary home, and move into their second home to enjoy life!

A Place To Retire

Many people in the market for a second home are seeking a place to get away, relax, and enjoy the sun. They are looking towards beautiful California communities as potential options. While there are more than a handful of wonderful places to settle down in California, there is only one vacation spot that provides you the comfort of a small town, warm weather, and adventurous outdoor activities, Palm Springs, CA. Not only is it a perfect place to buy a second home, it’s also a great place to retire! There are a variety of benefits to owning a second home, but choosing a place in Palm Springs provides you with everything you need for your retirement. 

Palm Springs Real Estate Market

One reason for to move to Palm Springs is the lower cost of housing. The lower cost of housing presents a huge opportunity for those living in hot market areas. If you are living in Seattle or San Francisco you are most likely sitting on a goldmine. As a result, selling your home could mean a lot of extra cash. And, for those who are preparing to retire. Buying today while the real estate is still affordable can help you achieve the retirement you have always dreamed of. You can pre-buy your retirement home, rent it out as a vacation home, and when you are ready move in full time. With over 100 golf courses, award-winning spas, and outdoor attractions the Palm Springs area has a life of its own. Another very attractive draw for many people is the fact that Palm Springs hosts some of the most anticipated events throughout the year. In fact, during spring, two of the world’s biggest music festivals come to town. The Coachella Valley Music and Arts Festival and the Stagecoach Country Music Festival. 

Preparing For Retirement

Preparing For Retirement

For those who are preparing for retirement, the most important consideration is, where you will live and when you should buy. If you have plans to retire in 5 years, buying a home now could be very beneficial. For those who have the means to buy a second home before they retire, now is the time to do it! The key is to choose a place that will work for you now and in the future.

Filed Under: Buying a Home Tagged With: Buying a Second Home, How To Buy A Second Home, Investing In Rental Property, Investment Property, Second Homes

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Very Experienced Real Estate Professionals…Recommend to Anyone Looking to Buy or Sell in Palm Springs Area…

Kevin Stern is a very experienced real estate professional in the Palm Springs area. He understands the market very well and did an excellent job pricing and marketing my property. The home received a great deal of interest from potential buyers. Kevin also has excellent resources when it comes to home repairs, painting, improvements and… Read more “Very Experienced Real Estate Professionals…Recommend to Anyone Looking to Buy or Sell in Palm Springs Area…”

Peter D, Cathedral City

Happy to give him our highest recommendation…

Vince helped my husband and me find the perfect house in a very competitive market and under the difficult circumstances of home buying during the Covid pandemic. He was always willing to bend over backward to meet our needs and to iron out any wrinkles with the sellers. Vince is a very shrewd dealmaker and… Read more “Happy to give him our highest recommendation…”

Aaron Skinner

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I loved working with Vince because he was always available to answer any questions, to explain to us what was happening. He never called with a problem without having several solutions to better serve us and provide us with a smooth transaction

Lynda Figueroa

Excellent Negotiator…Meticulous Detail…Highly Recommend…

Without hesitation, I would highly recommend Kevin as your real estate agent. I was more than happy with Kevin’s exceptional professionalism and working knowledge of the market and paperwork process. Kevin is a well-seasoned veteran in the Palm Springs/Coachella Valley real estate market. I trusted  his advice implicitly every step of the way. He helped… Read more “Excellent Negotiator…Meticulous Detail…Highly Recommend…”

Mary

Use no other agent!

Frank has spoiled me from ever wanting to use any other agent.  His amazing knowledge, energy level and ability to listen and communicate would be impossible to match!  I’ve worked with him when buying and selling properties and he has made both seem easy (and even a little bit fun).  Be sure to have him… Read more “Use no other agent!”

Jackie N.

Used Frank 3 times…

Homes in my neighborhood took about 3-6 months to sell.  I followed Frank’s advice to get ready for market and I let him move my stuff around and I got 7 offers and sold my house after only one day on the market.  I’ve used Frank 3 times but this was the fastest!

Jean K.

Vince Went Above and Beyond Our Expectations…Very Knowledgeable…

We worked with Vince to sell our property after receiving a recommendation from an acquaintance. We were not disappointed. From the first meeting to the last Vince always kept us informed every step of the way.  He worked around our schedule always. He went above and beyond our expectations and was very patient when I… Read more “Vince Went Above and Beyond Our Expectations…Very Knowledgeable…”

Cecilia, El Paso TX

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