Move-Up Home Or Second Home- Vacation Home: Which Home Should You Buy

Move-Up home or second home- vacation home: which home should you buy? Are you a move-up home buyer wondering which home should you buy: a move-up home, a second home or a vacation home? Or, second home vs. investment property. The pandemic has changed the way many of us live today: we work from home, attend school remotely and those changes have impacted our priorities when it comes to choosing a home. 75% of surveyed home owners and move-up home buyers, who now work remotely, would like to continue working from home. Most move-up buyers here in SE Florida, are looking for a home office, larger home, better neighborhood and bigger yard. And now that virtual school has become a reality for many families, the need for additional space has only intensified. Home buyers are choosing homes away from cities with more room and less congestion, because of the COVID-19 outbreak. Many homeowners today after spending so much time at home are eager for a change of scenery and considering buying a second home or a vacation home. If you are a homeowner and your current home is too small, you are already considering a move. Now you need to decide what type of home would suit you best and which home should you buy: a move-up home, a second home or a vacation home? Or, second home vs. investment property.

Why choose a move-up home?
A move-up home is typically a larger or nicer home. It’s a great choice if you need more space, a better home location, or want features their current home doesn’t offer: a pool, a bigger yard, or a dedicated home office. Most move-up buyers choose to sell their current home. A move-up home can greatly improve your everyday life. And the timing for buying a home couldn’t be better, with super low mortgage rates, at their lowest level in history; you can now afford to buy a much bigger and better home without increasing your monthly mortgage payment. However, if you’re longing for that vacation vibe, or you are close to retiring, a second home – vacation home may be a better choice for you.

Why choose a second home/ vacation home?
Home sales are surging in many resort and vacation destinations, such as Hollywood Florida, as city dwellers search to escape the crowds and practice social distancing or, quarantine in comfort. And with air travel on hold for many families, some are channeling the vacation budgets into vacation homes that can be used throughout the year. A second home or vacation home can also be a good option if you’re preparing for retirement. By purchasing your retirement home now, you can lock in a low interest rate, start paying down the mortgage, and begin enjoying the perks of retirement living while you’re still fit and active. Plus, it’s easier to qualify for a mortgage while you’re employed. You can even generate income by renting it out on Airbnb or Vrbo when not using it. However, be sure to consult with a real estate agent to get a realistic sense of the property’s true income potential.

Chapters
0:00 Intro-What are the most current trends in real estate home buying?
0:11 Should you Move-Up or buy a Second - Vacation Home?
0:43 Why this topic- Move-up, or Buy Second - Vacation Home?
1:00 What has changed in our lifestyle?
1:37 What are the new trends in choosing a home location?
2:03 What created the strong buyer's interest in second-vacation home?
2:33 Why choose a move-up home?
3:11 What's the purchasing trend for move-up buyers?
3:50 Why choose a second-vacation home?
4:08 What are the location and purchasing trends for second homes?
4:40 What are some additional perks for purchasing a vacation home?
5:31 What are the strategies for making the right choice for your next home purchase?

Interested in learning more about Hollywood, its history, architecture, arts and culture, lifestyle, dining and entertainment, here are some videos to watch:
👉 Hollywood Lakes Hollywood Architecture 👉 https://youtu.be/-F_Y3dl4Al0
👉 Hollywood Beach and Hollywood Broadwalk 👉 https://youtu.be/PFjJL_MsWNM
👉 Moving To Hollywood FL 👉 https://youtu.be/qRTX19CI_S8
👉 Why Moving To Hollywood 👉 https://youtu.be/ybzC6yObARI
👉 Things I Hate About Hollywood FL 👉 https://youtu.be/9R6VC8j-cb0
THINKING OF MOVING TO SE FLORIDA?
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Kate Smith | Kate Smith Group | EXP Realty | Hollywood FL
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