Looking for a place to position assets given the extreme volatility of U.S. equity markets and paltry returns of money market instruments and other safe havens. Real estate has long been considered a conservative, long-term strategy to growing wealth. Better yet, lower home prices and record-low mortgage rates have created an historic buying opportunity for real estate including second/vacation homes. It’s a “ground floor opportunity” that comes with doors, windows, a roof and potential for many great moments and memories.
How you use a second home is up to you, but if it’s something you’ve been considering, now is the time to get the information you need to make an informed decision.
For many, a second home in a vacation or resort area can be an income property as well when not in use. Some of the best locations are not more than two to three hours away from major metropolitan areas. For example, Bostonians gravitate to Cape Cod. New Yorkers favor the East End. San Franciscans retreat to Lake Tahoe. In the case of the East End, Door to Door from places as far west as Manhattan commute time can be as little as 2 hours. So while the family is enjoying the sun and fun afforded to them in their vacation homes, Mom and or Dad can commute to the city, or just take advantage of some great long weekends. And when you or your child need to go home for an event or see a doctor or hairdresser, it’s just an afternoon or morning trip.
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What makes a second home location ideal? Natural beauty is great, but don’t forget about cultural and social resources; as well as first-rate golf, tennis and other popular sports facilities.
Also, you will likely get more enjoyment out of a property you can get to quickly and can use frequently. Since you know this area, chances are you’ll make a better real estate investment closer to home. And be sure to look at each property with an eye toward tomorrow, because the vacation homes likely to appreciate the most are the ones that you can play in today and retire in tomorrow.
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If you decide investing in real estate is a good idea and want to check out the North Fork, give me a call or email and we can discuss a plan to orientate you and help you understand the market.
We can visit some homes that interest you, stop in on a few Open Houses, or just sit and discuss your options and make a plan for a future visit.
I am in the office most weekends, or you can contact me about a firm appointment.
Tel: 631 298 6131
Email: egiordano@elliman.com
Check out my Corporate Web Site: www.elliman.com/egiordano
Check out my Blog: //northfork.patch.com/blogs/north-fork-realtor
