The allure of building a second home can be really compelling. There are so many ways that a secondary residence can be used. The potential benefits are pretty impressive. Let’s take a look at some of those benefits—and things you need to consider before you make this kind of a move. If you’re thinking about building a second home here’s what you need to know.
An Investment with Multiple Uses
There are all kinds of uses for a second home. You might want to use it as a family vacation get-away. It’s a wonderful way to create memories and establish a place where your kids (and even your grandkids) return year after year.
You might also be thinking about a place to retire to. Once you stop working you may not need to be quite so close to the urban or suburban areas where you now live. You may want a place where the pace is a bit slower and you can enjoy the peace and quiet of nature around you.
Another reason to consider building a second home is a financial one. With the right kind of property and house, you could actually generate additional income by renting it out. If you build in the right area, you should be able to attract renters easily and get a good return on your investment.
What are some of the things you should consider before you make this kind of move?
Where You Build Matters
If you live in New Jersey or New York building a second home can be quite a financial strain. On the other hand, building in a place such as the Poconos offers a number of advantages. Property and labor costs in the Poconos region are considerably lower. That means you can build more house for less money.
There are additional benefits as well. One other benefit is that property taxes in Pennsylvania are considerably lower than in New Jersey or New York. That makes it more affordable to build there—and to own property there. On top of that, the Poconos area continues to be a very popular destination for vacationers up and down the East Coast. It’s a great place for winter activities such as skiing, snowboarding, tubing, and more. But it’s also a great place for summer activities such as hiking, boating, biking, fishing, and more. It really is a place for all seasons. If you choose to spend time there, there is always something to do. And because of the year-round appeal, you should have no problem if you decide to rent your home out.
One of the great things about building a second home is that it offers you a lot of flexibility. You can use it for yourself and your family. You can rent it. Or you can let others (renters) make your mortgage payments until you’re ready to move in yourself!
Making it Easy
Depending on your situation, you may want to explore for property on your own where you can build, or you may want to wrap everything up into an easy-to-manage package. At Liberty Homes, we can either build on a piece of property that you select, or we can offer you a “Home and Land Package” that offers you a variety of home plans that include the property. I invite you to check out some of our “Home Packages” to see if they meet your needs.
Building a second home in the Poconos can be a great opportunity for you—personally and financially. We’d love to help you turn that opportunity into reality!