How to Get the Most Out of a Second Home

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Owning one house is a burden enough, but owning two is a nuisance on a whole new level. It's a nuisance that does have its perks, though. For instance, a second home allows you to generate some profit on the side. Or it grants your family an opportunity for a getaway now and then. And although managing two properties at once can be a pain, it doesn't have to be. The goal is to get the most out of a second home so that, in the long run, it becomes nothing but an asset.

Things to remember when looking to get the most out of a second home: You could doubt purchasing your second property. With reason, of course. After all, only some are cut out to be a two-times homeowner. However, if you believe you are, the intelligent thing would be to inform yourself how to take advantage of the other house. Luckily, we are here to help out with that!

Keep it small(ish)

While it could make sense for your primary residence to be on the bigger side, the same is different for the second house. Besides, why would you even want to have a giant villa somewhere out there that would be sitting empty and collecting dust? Unless you have money to splurge or someone to keep the place tidy in your absence, it would be much better if you got yourself a small(ish) secondary home. We aren't talking petite, though. A perfect house can accommodate your entire family without all of you feeling cramped in it.

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Let us help you. Call or Text Kenna Real Estate at 303-955-4220 to get personalized assistance from our expert real estate agents. Find out what your home is worth in today's market.

Make sure it offers privacy.

Our first home needs to be located in a place that allows an easy commute. For those with kids, it's of high significance that the neighborhood it's in is near well-rated schools, too. But that isn't the case with the secondary properties. The focus here shouldn't be on proximity but on privacy. It's been noted that those purchasing for the second time appreciate having the house somewhere further away from the hustle and bustle, in a place quiet enough and shielded from the sight of prying eyes without it being too secluded. Having it close to a beach or a golf course wouldn't be such a bad thing, either.

Caption: Location does matter in the case of secondary homes, but not as much as privacy.
Alt-tag: A modern house with a swimming pool

Stay clear of fixer-uppers

Rarely does anyone have enough time to fix up a second home. With that in mind, it doesn't make sense to purchase a house in dire need of repair. You want something livable right from the start. If you've got enough money, then buying a brand-new property might be the right option. But if not, ensure the place is in the best shape possible.

Caption: Your second home should be something other than a property that requires extensive fixing to be livable.
Alt-tag: A house that's undergoing renovation

Ready to find your dream home in Colorado?
Let us help you. Call or Text Kenna Real Estate at 303-955-4220 to get personalized assistance from our expert real estate agents. Find out what your home is worth in today's market.

Transfer some items to the other house

Despite using the other residence only occasionally, you can get the most out of a second home by transferring some items there. This will drastically simplify your life and allow you to go back and forth between the two properties whenever you feel like it. Equip the house with clothing, toiletries, furniture, and anything else necessary. Some things you can transport by yourself. As for the others, you are better off browsing through Verified Movers, where you can find companies providing quality moving assistance.

Consider Renting

Most people acquire secondary housing solely to generate rental income. The number of people pouring their money into "vacation homes" is growing, and not without reason. Properties located in tourism hotspots attract many tourists and, thus, a lot of money, especially if they are rented out daily!

However, it is worth noting that some local governments have imposed strict regulations that prohibit short-term rentals. Should that be the case in your area, finding tenants willing to stay longer might be the only way you can collect rent. And that isn't so bad! Having the place rented out on a long-term basis, there's a possibility of deducting certain costs and paying lower taxes. There's also depreciation, which contributes to owing less to the IRS.

Caption: One of the best ways to get the most out of a second home is to have it rented out.

Turn the side property into your primary residence

Do you still want to get the most out of a second home? Then, how about you turn it into your main one? You might save a bit of money by doing this if, for example, the second house is located in a community with a lower tax rate. If nothing is holding you back, such as your job or family, you can change addresses immediately!

You might have a bit of convincing to do, as far as tax authorities are concerned, though. To make your case all the more believable, make sure you take care of the following:

● Officially change your primary address
● Register to vote in the other community
● Update your driver's license
● Register your vehicle

Ready to find your dream home in Colorado?
Let us help you. Call or Text Kenna Real Estate at 303-955-4220 to get personalized assistance from our expert real estate agents. Find out what your home is worth in today's market.

Get your children's approval

Only purchase a second home after you've informed the youngsters of the decision, especially if they are old enough to understand the prospects of owning two properties. If you don't want to rent but use the house as a personal getaway instead, it's natural you'd like it to be the place the kids will enjoy spending time in. Include the children in the selection process and talk to them about what you could do there. They may even feel better about being dragged to another house from time to time if you promise them they can bring with them a friend or a few.

Have you picked up a thing or two about how to get the most out of a second home? We hope you have since acquiring secondary housing isn't something you can venture into unprepared! Take a couple of days, weeks, months, or even to process the information. It should help you conclude whether becoming a two-times homeowner would work in your favor!

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