I specialize in an area that is very attractive to the buyer looking for a 2nd home. For some people, the idea of having a 2nd home is a very foreign concept. They ask me why does a person feel the need for two homes…or even want to maintain two homes? They tell me they’d rather spend their money on ski vacations or a new boat or car and put whatever is left into a 401K or similar investment account.
From my experience, most people who buy a 2nd home see it as an investment in their family. They are wanting to create a place for their family to gather and really get to know one another. If they have grown children, they want to re-meet their children as adults and share adventures with them. If it’s a single person or a couple without children, they tell me that they want to create for themselves, their friends and/or siblings a “special” getaway, where they can leave their stresses and cares for a couple of days or a week, and relax. They see it as a “gift” they are able to give those they love.
I’ve often heard middle age couples sheepishly say, “we’re spending our children’s inheritance”, but when I ask them what they’re wanting to purchase; they state that they want their children to inherit something more lasting than cash and something that is a becoming a vanishing commodity….especially for the middle class. When I bought my first investment property, (a vacant lot with beach access) I saw it as a forced savings account that I could enjoy as I paid into it. I could sit on the beach and have a bonfire or harvest oysters and crab and have a lot more fun with my investment than I could ever do with a bank statement.
Money disappears so quickly in our current culture! I’m old enough to remember when $100,000 was a lot of money and you could buy a Rolls Royce for $10,000. Yes, we can work hard and leave our heirs a big bank account but how long will it last? When you purchase a piece of property or a 2nd home, it becomes the legacy that they can enjoy for years with you and continue to enjoy after you’re gone….cherishing the memories that you created together.