Baby Boomers Lead Second Home Purchases. Is Second Home for You?
Rea Estate Second Home Property Management
Before the real estate crash, older homebuyers were buying properties and after waiting for a little while, they are coming back to the market picking up properties at discounts. One out of every four baby boomer owns a second property – a vacation home, land or a rental property. Some of the buyers who are entering the market now are looking at properties that they can vacation in and then move into them after retirement.
Financing is currently tight for second home purchases and many buyers are buying properties with deep discounts by paying cash for the property. Second homes purchases are difficult to finance in current tight credit market, require high credit scores, and down payments as high as 20 percent.
If you are considering buying a second home owning a second property has be to considered a business. It is important to consider the costs of owning multiple properties, including costs of finding tenants, making repairs and managing the property as a landlord. If the real estate property is far off from their current location, it is preferable to find a local property manager instead of trying to manage a property from long distance. A great property management company will manage the property and buffer from the headaches of dealing with tenants.
CLICK HERE to read stony on the type of real estate properties and second homes being bought by baby boomers along with how they are financing them
This blog post is brought to you by SimplifyEm Pay Rent Online and Property Management Software
This blog post for Real Estate Professionals, Investors, Landlord, Property Manager, and Property Management Companies is brought to you by SimplifyEm Pay Rent Online and Property Management Software
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