Wednesday, May 21, 2014
Buying a second home is an option many homeowners consider for a myriad of reasons. A second home may offer several benefits such as convenience and investment potential. Assess your lifestyle needs before committing to a home purchase.
1. Convenient condo
Within Metro Manila, heavy traffic can be a nuisance, particularly if you’re traveling from north to south and back on a daily basis. This is a lifestyle many Filipinos face, since central business districts in Metro Manila are located in Ortigas, Makati and Taguig, whereas many residential areas are up north and down south, far away from these office locations.
If this is your lifestyle, a convenient condo near your workplace could make for a good place to live during the weekdays and a is great second home to have. For the same reason, many parents also consider acquiring a condo near their children’s school or university.
2. Investment property
Even though you don’t have a need for a second home, buying one can still serve as an investment property. There are many types of investments to choose from, but a real estate investment is considered less risky.
Buying a property to rent out is a common trend these days. Aside from the monthly income you’ll have, the property itself could appreciate in value over time. This gives you the opportunity to sell it later on at a higher price.
3. Vacation house
Another option for a second home, a vacation house, is a luxury for most but for those who love going on vacations and do so on a regular basis, this investment may be worth it.
Buying a holiday home will help you avoid the hassle of booking accommodation and offers a more private vacation experience. If there’s a certain vacation spot you always come back to, this can be a good location to start scouting for a vacation house.
However, before investing in your ideal property, you should also consider the travel time from your place of residence to the potential vacation home.