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Ready For Vacation Home Ownership?

By Shannon Aldrich

he summer season is almost upon us. The snow has finally melted and the sun has come back out. Vacation time on the coast of New Hampshire and Maine is about to go into full swing. What would be better than having a place of your own to enjoy and possibly rent out when you are not there! You don't have to be a financial mogul or Hollywood star to own multiple homes. Many people escape the oppressive heat of Florida and the South to enjoy the temperate climate of the North East.

Second home ownership is an extremely popular trend in today's real estate market. Why? Well, demographics, technology and prices are converging to provide a historic opportunity for Buyers to enter this market. Baby Boomers are rushing toward retirement and second homes offer you an opportunity to ready for that day when you want to live in warm weather year round. Experts are predicting that millions of Americans will buy second homes in the next few years.

Thanks to technology, second homes have become a place to work as well as play. Tele-commuting has come a long way in the last few years. High speed internet and FIOS connections are available everywhere on the Seacoast. How you use your second home is up to you but if it something you have dreaming of, now is the time to get the information you need to make an informed decision. Working with a professional real estate agent who is up to date on 1031 exchanges, summer rentals and the financial considerations is the way to go. You may even be able to use the equity in your current home to finance the purchase. A vacation home can even be an income property when not in use. Peace of mind comes with using a professional to sort out all the details.

Married couples, generally over 35, with or without children are almost twice as likely to own second homes as single persons. And the fastest growing segment of second home Buyers are between ages 35 to 54 without children at home. Some of the best locations are usually within 2 to 3 hours of your year round home. People from Boston, New York and Canada can find the Seacoast of New Hampshire and Maine the ideal location for vacation homes.

What makes for an ideal location for a vacation home? Natural beauty is top of the list but other activities, arts, popular sports and theater are also on this list. With second homes being a discretionary purchase, everyone wants quality of life and security to be tops. You will get the most enjoyment out of your second if it is within an area you can get too relatively quickly and can use more often. Make sure you look at any property with an eye towards tomorrow because the best value and most likely to appreciate are the ones that Boomers can play in today and retire in tomorrow.

Shannon Aldrich
Keller Williams Coastal Realty 501 Islington Streeet, Portsmouth NH
Licensed in New Hampshire and Maine
(603) 610-8511 saldrich@kw.com - http://www.RealEstateSeacoast.com
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