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Home » Business And Finance Articles » How To Prepare Yourself For Owning A Dual Purpose Second Home

How to Prepare Yourself for Owning a Dual Purpose Second Home

If you are thinking about buying a second home, you are not alone. A 1995 survey by the American Resort Development Association found that 60 percent of households surveyed feel they have a likely chance of purchasing a recreational property in the next ten years, a figure that rose 30% from the survey in 1990. The average age for the majority of vacation home buyers ranges from 40-50 years old. Qualifying as the baby boomer generation, this group of second home buyers consists of 80.5 million people out of the U.S. population of more than 260 million. Demand for vacation homes is rising as a result of consumers' increasing desire to capitalize on low interest rates, low unemployment rates and a strong real estate market offering many viable second home options.

When purchasing a second home, many baby boomers seek properties that offer access to recreational areas as well as amenities ideal for retirement living. Finding a fully functional dual purpose second home requires meeting a number of physical and emotional characteristics. A trained real estate professional can help you identify your short and long term needs as well as a home that provides the qualities you require.

When choosing the ideal vacation/retirement community, look for services and features which reduce the stress of owning a second home. Furthermore, finding a home with one floor living or limited stairs will be preferable as you age and as your home evolves from a recreational home to a permanent residence. For example, free standing homes require a lot of upkeep, so properties that include gardening services or rubbish removal such as condominiums or gated communities with town houses are an option worth investigating.

Once you and your broker have identified a second home, the following are tips to protect your second home investment:

• Develop a trustworthy contact who lives near your new home, either a neighbor or a paid caretaker, to keep an eye on the property and collect mail that accumulates. Make sure this person has all of the necessary information to contact you.
• To make the home appear to be fully occupied, ask your caretaker to park occasionally in your driveway. Timers are good for keeping lights on, but their schedule should be varied regularly.
• Set up an answering machine. Change the message occasionally and check the messages often.
• Make sure all doors and windows are locked and secure. Consider installing an alarm to protect your home when you are not there and to serve you when you live there in the future. A quality security system can be purchased through a reputable company.
• Remove all keys hidden around the property.
• Enjoy the time spent in your new second home, for vacation, recreation and ultimately for fulfilling retirement living.

I would be pleased to give you additional information about identifying both an area and home ideal for your fulfilling your second home needs.

And here is another random article you might be interested in...

To Roommate Or Not To Roommate

Making the Decision

Do you want or need to live with a roommate? What are the pros and cons of having a roommate? What should you consider when looking for a roommate? And what issues should you get settled before you move in? On this page we'll look at the pros and cons and some tips to consider; later, we will look at the some of the issues you should get settled before moving in with roommates and how to get them in writing.

The Pros of Roommates

• it's often cheaper as costs (rent, utilities, food) are split
• household chores are a shared responsibility
• you can often afford a bigger apartment with more living space if you split the costs
• a roommate can assuage loneliness

The Cons of Roommates

• a perceived (if not real) lack of privacy someone else's problems can become yours you're relying on someone else honoring their obligations (to pay rent, to pay utilities, etc.) there's always the potential for disputes, even with a friend

Some Considerations

Just because someone's been your best friend since elementary school doesn't mean he or she will make a great roommate.

Often living together can destroy even a close friendship.

It's a good idea to know going in what you want in a roommate and what you won't tolerate. Will you accept a roommate who smokes? What about one with a live-in boyfriend or girlfriend? Will you live with someone of the opposite sex? What about someone of a different sexual orientation? What about cleanliness? Pets? Morning person vs. night owl?

If you're looking for a room sharing situation (rather than looking for an apartment with a friend), you need to start looking as early as possible. It can sometimes take longer to find an acceptable rental share situation than just to find an apartment.

As with any apartment search, make sure everyone you know knows that you are looking. You never know where the perfect lead will come from, but often people are your best source. And people who know you well will probably also recommend things they know you'll like.

Ask questions. If you're looking at apartment share situations, you want to know as much as possible about the people you'll be living with, right? Make a list of questions ahead of time, and get them answered.

Answer questions. Be as honest as possible with potential roommates and put your best foot forward.

Don't expect that your new roommate will be your new best friend as well. While the two of you may, indeed, become good friends, it isn't a prerequisite for sharing an apartment.

Be prepared to compromise. Sharing an apartment or house with someone else usually requires some adjustment. Chances are you can no longer have your friends over all night every night, watch whatever you want on the living room TV, or let the dishes sit for weeks.

by Dan The Roommate Man