Does a second home make sense??

You may be an individual with assets available, looking for a way to build memories while building equity!

Or you could be a late “Boomer” or a “Gen X” or “Gen Y’er,” 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, even through the market downturn, has long been considered a conservative, long-term strategy to growing wealth. Better yet, lower home prices across America 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.

For all, second homes suitable for play now and retirement later have significant appeal. And don’t forget those of you looking to downside as you begin the transition to retirement, now is the time to make that investment also.

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 when not in use. A real estate professional will help you consider property management options that can be a crucial financial factor as well as important to peace of mind.

Some of the best locations are not more than two to three hours away from major metropolitan areas by car or plane. For example, Bostonians gravitate to Cape Cod. New Yorkers favor the East End. San Franciscans retreat to Lake Tahoe and Angelenos head for Palm Springs or Big Bear. 

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 home on the East End, Mom and or Dad can commute to the city, or just take advantage of some great long weekends. And when your child or you need to go home for an event or see a doctor or hairdresser, it’s just an afternoon or morning trip.

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.

Nevertheless, you will likely get more enjoyment out of a property you can get to quickly and can use frequently. 

And since you know this area, chances are you’ll make a better real estate investment closer to home.

Another piece of advice, 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 Boomers can play in today and retire in tomorrow.

There are many factors involved in selecting the right property for you and your family. Discuss your options with your real estate professional. This will provide the information we need to help you find property listings to tour. Remember, a targeted approach to house hunting is less time consuming, less expensive and more efficient.

Hopefully, if the East End is in your mind as a possible destination you will give me a call and let me show you what brought me to vacation and invest on the North Fork many years ago.

Here are 5 properties which might entice you to contact me..

Click here to view Properties of Interest, click on the Photo to view the Photo Array. This link will be active until 10/25/13.

Ed Giordano can be reached as follows:

Office:   631 298 6131,

Cell:      516 353 5585

email:    egiordano@elliman,com