Two Homes May Be Just the Right Number

   

Subscribing to a statement like, “You can’t own too many homes!” is not practical, but owning just two homes is something that most people can handle. In fact, the National Association of Realtors (NAR) found in a survey that it conducted last year that a growing number of people have been purchasing second houses in this country because they desire to have a home away from home where they can spend some vacation time. They also are realizing that purchasing real estate is a great way to augment their investment portfolios. Real estate has a much greater potential to increase the value of a portfolio than stocks ever could.
There seems to be a trend developing where second homes are concerned. Investors in these assets are seeking luxury properties more than any other type, and one example is the St Regis Condo Hotel in Bal Harbour. This building created so much excitement that Forbes took notice of it before the developers had a chance to hold the groundbreaking ceremony. One of the most advantageous investments at the moment is real estate, so those who can afford to step into this arena would be acquiring a fantastic asset. Before they purchase new property, people will need to decide a few things first.
What Do You Intend to Do with the Property?
What will be the purpose of your second home? Will it be a vacation home, or is it meant to be rental property? Because you may wish to use your second home for a different purpose than the one you originally planned, you will want to have a home that can be both things. For example, if you purchase one of the St Regis condos, you will have a wonderful beachfront vacation home for your family. This property also has amazing amenities and services that really impress the residents, so it would also make a first-rate rental property.
In the future, investors may decide that they would like to leave their current primary dwellings and make their second homes their permanent residences. In this case, these investors would benefit if they only rented the second home to others on a very short-term basis. If they keep the home occupied for no more than 14 days at a time, it will be easier for them to keep the property in good condition. This also eliminates the need to pay taxes on the home. Because the St. Regis offers impeccable maintenance services to owners, there is also no need to concern themselves with the duties of property management.
What Is the Best Location for a Second Home?
The best locations are popular tourist areas, like where the St Regis Bal Harbour condos are located in Miami. It’s not likely that people are going to stop visiting this city at any time in the future, so a second home in this area would be an outstanding choice. One thing will always be certain: When people leave their homes to visit Florida, they will need someplace to sleep at night.