For many, buying your first home is a huge milestone in life. It’s likely the single greatest asset you own, and in most years and most places, selling that first home you own is a fantastic way to reap a nice return on your investment. But what about owning a second home?
If you’re fortunate enough to be in a position to purchase a second home, is it really worth it? Where would you buy your second home and why would you buy it there? For the first question, The Peninsula On the Indian River Bay would say unequivocally, yes! And Insight Homes will layout just exactly why in today’s post.
As for the second and third questions, those can be more personal that only you can decide, however, The Peninsula On the Indian River Bay believes Delaware real estate is an amazing place to invest in your second home. New homes in Delaware provide you a stunning array of sights and activities, perfect for the summer or weekend getaway.
If you’re still on the fence about purchasing a second home, especially homes for sale in Delaware, then read on! Here are 10 advantages to owning a second home. To learn more, please don’t hesitate to call Insight Homes, one of the top home builders in Delaware.
Access to Amenities
Purchasing a second home is a fantastic way to reap the benefits of living somewhere else without necessarily having to live there when you don’t want to. For most people, this means buying a second home somewhere desirable like on a beach, in the mountains or along a golf course. And these types of areas also provide you fabulous access to amenities!
If you’re looking at new homes for sale in Delaware, for example, The Peninsula On the Indian River Bay offers a host of tremendous amenities, from the aforementioned Jack Nicklaus-designed private golf course to the gorgeous 33,000-foot clubhouse, complete with an athletic center, tennis and pickleball complex, resort-style spa and more!
There is a strong chance, however, that many of you would be interested in using your second home as a rental property for at least parts of the year while you’re not there. This can be a fantastic way to earn additional income, as well as some other perks such as deducting operating expenses.
To figure out if you qualify for deducting operating expenses, simply add up the number of days you rent out your second home. If you live at the residence for less than 10 percent of the days, or for fewer than two weeks out of the year (whichever is greater), you can deduct all the operating expenses. These operating expenses include utilities, management fees, lawn maintenance, cleaning fees and others. A tax professional can help you determine this and you can also review the IRS publications on vacation rentals.
If you plan to keep your second home unoccupied for the majority of the year, there is amazing potential for potential tax deductions and benefits. As long as you only rent your second home out for two or fewer weeks in a given year, the interest on the mortgage and the property taxes are fully deductible from your gross income. Essentially what this means is that, for tax purposes, you can treat your second home’s mortgage the same as you would as the mortgage on your primary home — so long as it’s not a rental home for more than 14 days per year.
Head Start On Retirement
A tremendous time for many people to look into purchasing a second home is later in their career and with retirement on the horizon. You’ve worked hard your entire life, and why you may love many of the things about your permanent residence, there’s no denying how nice it would be to avoid frigid winters or unbearably warm summers if you don’t have to.
When the time for retirement does come, you may even find yourself happier at your second home and decide to make it your full-time residence, freeing you up to sell your previous home and really enjoy retirement to the fullest. This is also an opportunity to test out living somewhere else before fully pulling the trigger in retirement. If you don’t like your second home as much as you thought, sell it and try a new place!
Real estate investments are generally considered one of the safer more consistent ways of investing your money. Delaware real estate is no different, especially at destination communities such as The Peninsula. While most assets fluctuate in value in the short term, real estate typically appreciates over time. Second homes often appreciate even more due to the fact they tend to be located in areas or regions people highly desire. The Peninsula On the Indian River Bay is one of these kinds of places.
For example, there are only so many locations to build new homes in Delaware along an 18-hole golf course designed by the Golden Bear Jack Nicklaus himself and the winner of several prestigious national awards. While there are no guarantees of profit in any form of investment, your odds at real estate paying off in the long term are stronger than practically any form of investment.
One of the more underrated aspects of owning a second home is the convenience of it all. There’s no need to store everything you own at a single residence, especially things you only use a handful of times a year anyway. Your second home could be a fantastic place to store your boat, golf cart and clubs or all of your family’s summer clothes. When you want to leave for a spur-of-the-moment getaway, nothing’s holding you back! You don’t have to worry about packing or other cumbersome, time-consuming logistics. Just go for it and everything is ready for you — both when you arrive and when you return home to your permanent residence.
Great For Gatherings
Places and people are often what make the fondest memories. Spending holidays with the ones you love at a special place is a great way to ensure the best times of your life are never forgotten. With a second home, you gain all of the advantages mentioned previously, making your second home the perfect place to host gatherings of friends and family.
Visiting your new home in Delaware provides your entire family access to all the great amenities The Peninsula has to offer, not to mention beautiful scenery and fun activities anyone can enjoy. Visits to your second home can become a cherished family tradition that everyone looks forward to, and you can even pass the home down from generation to generation.
Everybody wants to spend time in a place where they feel comfortable. Buying a second home is an opportunity to find a community with the same interests, values and hobbies as you. The Peninsula has a strong golf community, for instance, and enables members to build and foster relationships that last for years. In this community, you have the freedom to be yourself and become part of the social fabric.
One of the greatest draws to purchasing a second home is the ability to choose a location that’s best for you or in a place you always dreamed of going, but really didn’t make sense on a full-time basis. The Peninsula On the Indian River Bay is one of the most majestic areas on the East Coast and in the entire country.
Located on the Delmarva Peninsula — in the Delaware portion — off the coast of the Indian River Bay, The Peninsula is surrounded by many wonders that are close enough to explore on a short day trip. The Delmarva Peninsula — named by combining the names of the three states that occupy it: Delaware, Maryland, and Virginia — is home to some of the East Coast’s most distinctive land, culture and food. Surrounded on three sides by water that creates the community’s boundaries, it is naturally surrounded by coveted beaches. The area is sought-after by tourists and known for some of the best beach destinations including Bethany Beach, Dewey Beach and Rehoboth Beach.
Purchasing a second home is the perfect way to join another valuable community in you and your family’s life. The Peninsula on the Indian River Bay defines luxury living. The Peninsula boasts some of the most sought after new homes in Delaware thanks to the resort-style gated community. From golf and social gatherings to hiking trails and time on the beach, this community offers a little something for anyone and everyone.
Contact Insight Homes Today
When it comes to purchasing new homes in Delaware, there isn’t a finer resort-style, private community in the entire state or region than The Peninsula on the Indian River Bay. Better yet, Insight Homes is among the best home builders in Delaware. Every Insight home is built with only the highest quality, which allows you to live a life of luxury and experience everything the Peninsula has to offer each summer or year-round! To learn more, don’t hesitate to contact Insight Homes today.