Owning a second home became the trend as the twentieth century came in. People buy luxury real estate, luxury condominiums, and other luxury houses in the Philippines. Unlike any other trend, this one is essential and can be used for good purposes. Meanwhile, purchasing a second home was most likely done by those who have families. These homes are for vacations, for their kids, and recreational activities with the family.
According to the data statistics, the share of Americans who own a second home in 2018 is 4.68% in ages 18-29 years old, 6.02% in ages 30-49 years old, and 4.13% in 50-64 years old.
There are things to consider when buying a second home. According to an article by Next Advisor, a second home is great, but buyers should also take note of some things before deciding.
Consider knowing how accessible the location is, the budget for the property, how this would affect the buyer’s expenses and cost of living, having an exit plan (if things go south), and lastly, knowing the reason why one would purchase a second home.
So why do people still look for a second home?
1. A Source of Passive Income
Passive income is when one gets earnings from a rental property and other businesses in which one is limitedly involved. In a nutshell, passive income could be defined as earnings from a property or investment in which you don’t put much effort to earn money, and it is usually regular. Thus, acquiring a second home could give one a passive source of income.
For instance, a luxury home or a luxury condominium when it is open for rentals could generate an income without much effort.
Rental income is specifically the way to go here. Throughout the year, rent growth reached its peak after its lower rates when the pandemic started. But because of people who purchase those houses and lots for sale and rent them out, rental rates bounce back and sales grow.
This demand for more space among families, millennials, and even Gen Zs who want to live independently is one of the reasons one should try investing in real estate and renting it out.
2. A Place for Vacation
A time to breathe, enjoy, and have a vacation is a must, especially for those people who have their own families. And every great vacation comes with great lodging or a place to stay. A place where vacationers can stay and rest after a long day of fun recreational activities. As people plan and enjoy their vacation, one struggle must be overcome first.
During the summer season, many people are planning their summer vacation, and looking for a place to stay has always been a challenge. You might be searching for a possible hotel or beach house for accommodations, yet when the summer is coming too close, every potential place for you becomes occupied already. That is why settling to own a second home is a very good idea, especially when located in a tourist spot. Worries become less when you have a second home where you can stay for your vacation.
Having a vacation home isn’t the only benefit of owning a second residence. Being able to accommodate others when they need a place to stay is also a part of the equation. A second home can be a godsend for those in need of a place to stay, whether it’s a friend or family member.
Not only does it give you the opportunity to help others in their time of need, but it also allows you to generate income from your property. So if you’re considering purchasing a second home, remember that it’s not just an investment for yourself and your family—it’s an investment in the lives of others as well.
3. Offer a Personal Space
Many people have heard the cliched saying, “no man is an island,” but it is true that no one can truly live on their own. However, sometimes it is not the case, a person needs to have his own personal space to breathe and have the time to meditate.
Having a second home will give private or personal space. Especially since countries like the Philippines have many luxury real estates such condo for sale or ready for occupancy house and lot are similar to what Brittany corporation offers.
Having personal space is a genuine present a person can give to himself. After a long time of working and being with many people, a chance to have personal time in one of the most beautiful houses in the Philippines is definitely incomparable to other things. That is why many are persuaded to have a second home to go to when feeling suffocated and just want to skip even for just a little time. As the money used to buy a house and lot for sale would never compare to the peace of mind an individual can have.
However, it should also be remembered that having a second home is not just about finding peace and relaxation. It can also be about fun and enjoyment with family and friends. Surely, investing in one of those houses would be worth it in the long run as it could be used as both personal space and a place for entertainment.
Who knows, maybe having that extra space might even inspire someone to start his own business? Ultimately, it all comes down to what an individual wants and how he plans to use his second home. Having that personal space is definitely a luxury, but it is one that is definitely worth considering.
4. Retirement Home
Working a long time is really exhausting, so it is good to see where the money a person earns will go into. It is much better to put them in a good place than to waste on inessential things. That’s why most buyers look for a house and lot for sale, luxury condominium, or other luxury houses in the Philippines to have a place to live after retiring from work. The good news is that it is easy to do because some companies like Brittany corporation offer a sophisticated home ideal for every individual dream house.
Leave the city where work is the main priority and transfer to a fully paid retirement home where relaxing is the main goal. Indeed, a perfect and ideal plan to have. Especially, if the home that is bought is located in one of the most beautiful houses in the Philippines, a pleasing and satisfying environment will await when retirement time is finally there.
5. To Have a Convenient Life
The place where people live is usually near to the place where they work. It is more convenient and hustle-free. Who wouldn’t like this kind of situation? Of course none. Everybody wants to have a near place to go after a long day. But, if the working place changes, the convenient life after work comes along with it. This is where the bright side of having a second home will come into the picture.
It’s possible to take advantage of a once-in-a-lifetime opportunity by purchasing a house and lot together. Giving the residential place and driving an extra kilometer will take care of the problem. People can continue to live the convenient life that they have.
In addition, one of the reasons why people look for another home is because maintenance in the residential place is unavoidable. So while fixing something in the house, daily lifestyle will not be that much affected, especially for people who are working at their home.
A decent and peaceful home is necessary for them to work effectively. And by just simply going to another home, the flexibility in life can still continue. Besides this, if a family member is in need of a place to go, the second home that is purchased can be used.
6. Tax Benefits
Almost everything that people do requires a tax. The groceries someone’s bought, the car, and of course the house. Thus, studying the tax that comes from buying a house is needed to ensure that one is investing in something that will be an asset, not a liability. When one owns a second home and decides to use it, it allows one to possibly deduct the mortgage (interest). Note that this may differ from the place one lives.
The reason for deduction is because the IRS or Internal Revenue Service does not treat your second home as your business, but instead as your personal residence. So this is how it works: one could rent the house out for 14 days and the owner can decide how much the rental cost is and the IRS would not interfere.
As people adult in life and have their own families, real estate could be the one investment you should study and analyze to achieve financial security. Doing this will not only benefit the individual but also their family. That is why it is much better to do instead of wasting the money on temporary things. The enjoyment will come along with great benefits.
Luxury houses by Brittany Corporation
Brittany Corporation’s houses are not only taking note-worthy but they are luxurious. The location and style of their houses offer a modern and westernized house vibe even in countries like the Philippines. Some of their houses are located in Tagaytay, which is one of the most sought-after tourist locations. second home since the amenities and features that their houses offer is top-notch.
For those who are looking for a luxurious and beautiful house, Brittany Corporation should be one of their go-to places. Not only will they find a house that they can call a second home but also a place that offers tranquility and peace of mind.
If you are looking for a second home, this is the sign!