Possessing more than one property is a fortune most of us want to share. But this raises a question everyone wants to know the answer to: whether to buy a second home or an investment property.
Second Home
The most important factor is deciding what your primary goal is. Do you want a place to relax, for personal enjoyment, potential future residence, a vacation spot?
- Benefits
- Personal retreat and relaxation getaway
- Potential for long-term appreciation
- Can be rented out on a short-term basis
- Things to consider
- Ongoing maintenance and utility costs
- Potential periods of vacancy
- Emotional attachment might influence financial decisions
Refinancing with a New Job: Is It Possible?
Investment Property
The deciding factor to buy an investment property can be generating income and/or capital appreciation.
- Benefits
- Potential for passive income
- Opportunity for long-term wealth building
- Possible tax advantages
- Things to consider
- Requires property management
- Steady income and appreciation are not guaranteed
- Less to zero flexibility
Wrapping Up
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Read moreThe main thing to focus on is what your objective is to buy a property, and how much you’re willing to invest. Sometimes a property can serve both purposes, depending on the location and such.
