Buy Now, Retire Later: Investing in Your Future
In the chaos of daily life, it can be difficult to think ahead. Work, school, kids, bills — the future seems like some far-off wonderland. But it’s never too early to think about your housing needs 10, 20, or 30 years down the line. In fact, there’s no better time than the present to plan for the future.
This is especially true when it comes to real estate. Purchasing a second home, whether a vacation home or retirement home, can be a great investment. Whether a cozy cabin in the woods or an airy cottage by the sea, Lyon Real Estate can help.
Although Lyon Real Estate is the leading independent real estate brokerage in the Greater Sacramento area, it’s also part of a collaborative network of experts that extends the world over. It’s part of the Leading Real Estate Companies of the World®, a strong alliance of real estate professionals who can help clients with real estate of their current area.
Lyon Global Relocation connects buyers with the right agent, whether they’re looking at investment properties or vacation homes. The program ensures you find the right agent to help you in the next step of your housing journey — within California or beyond.
Here’s how it works: your Lyon agent facilitates a match based on your individual needs. All agents within the global network are vetted, so you’ll be less wary of meeting unfamiliar agents while saving time with seemingly endless online searches. Your Lyon agent can facilitate the introduction and interview, and you can approve the choice of agent.
Lyon Relocation Director Janet Hubbard says a vacation home isn’t just for family getaways: it can also serve as a future retirement home. In fact, she has first-hand experience in that regard. She decided to buy an investment property in Meridian, Idaho, where her mom lives. Now, she has the security of knowing she has a place to move when she retires or when her mom needs advanced help.
Hubbard said the process of finding a second home out of state could be overwhelming. But working with Lyon takes much of the guesswork out of it. Not only can local agents provide further insight into the best locations to consider, they can also provide referrals if needed.
“The agents we recommend are insightful tour guides who can recommend the highest-performing rental areas and help you understand what it’s like to vacation there, make contractor or vendor recommendations, and give a feel of the culture,” Hubbard said.
For example, Lyon Real Estate Folsom agent Michelle DiChristopher had clients who plan to sell their home in El Dorado Hills, as they no longer need a huge home or yard to maintain. With the proceeds, they plan on purchasing two homes: a smaller home in California to use until they retire and an affordable vacation home in Myrtle Beach, S.C. The referral manager, Natali Grgas, referred them to a vetted agent in South Carolina who could help them find the perfect place.
“Buyers don’t want to just pick a conceivably good agent online who acts entirely different in person, especially not in another town they are unfamiliar with,” Hubbard said. “It’s much better to be introduced to a vetted agent by someone who already knows you.”
Benefits to Buying a Vacation Home
Investing in a second home isn’t a decision to be taken lightly. There are certainly pros and cons of doing so, the most obvious being cost. But most buyers find it’s well worth the upfront investment for the security of knowing their future housing needs are met ahead of time. Following are some reasons why a vacation property is a smart idea:
- Rentals can provide a healthy revenue, potentially covering mortgage payments (and even profit!)
- Short-term rental services make it easy to find qualified renters.
- Many federal tax breaks and deductions are available.
- In most cases, vacation properties retain their value because they are located in popular areas with limited supply.
- Many buyers appreciate the comfort, familiarity and convenience of a vacation home vs. a hotel.
- Purchasing a second home prior to retirement gives you a financial jump start, so you are worry-free later in life.
Lyon’s position as one of the Leading Real Estate Companies of the World® means no matter where your next home will be, you’ll have access to a network of skilled, knowledgeable experts. From California to the nation to every corner of the globe, Lyon can help you invest in your future.