Urban Real Estate

Is Buying a Second Home Right For You?

Is Buying a Second Home Right For You?

Each year, we set out a list of resolutions and goals – things to achieve in the new year, and really, not everyone checks every single item off their list. One important goal is understanding what you real estate goals are, and deciding where you want to go, and how you want to get there.

“The beginning of the new year is the ideal time to map out your short and long-term real estate dreams,” says Michael Emery, senior partner, Urban Real Estate. “Buying a second home is both rewarding and can generate revenue until you are ready to enjoy it. Think about recreational climates, cities where the opportunity of short-term rental services are welcome and make sense.”

According to the National Association of Realtors, 45% of investment buyers bought their investment property to generate income through renting the property. Of those surveyed, 24% of those with investment properties rented the property in 2017 as a short-term rental.

 Urban Real Estate agents often work with clients and help them consider not only their investment buying options in Chicago, but in other cities, as well. Whether considering cottages in Michigan, homes on golf courses in Florida, or a chalet in Vail, being able to set yourself up for making that dream a reality doesn’t need to seem that out of reach. “We have a network of brokers across the country we work with to help identify just what might work for you, and the lifestyle markers you hope to realize with its immediate purchase.”

Jumbo loan products, paired with ways to generate income for the investor, often times make the dream of second-home ownership a more attainable reality. “Vacation rental services can help you cover many of the costs related to a turn-key or fixer-upper purchase in an attractive community which welcomes short-term rentals. The key is working with a trusted broker to help you identify property that is both valuable and worth the investment if the home isn’t one you’ll be using often for yourself,” adds Emery.

Explore your second home dreams with the Urban Real Estate team of brokers. Contact us at (312) 528-9200, for your second-home, or other real estate needs.