If you’re thinking about buying a second home, you’re not alone. According to the Canadian Real Estate Association, about one in four homeowners own more than one property. And while there are many reasons to buy a second home — from investment properties to vacation homes — there are also a few things to consider before taking the plunge. Here’s what you need to know.

Reasons to Buy a Second Home 

There are many reasons why people choose to buy second homes. Perhaps you’re looking for an investment property in the Langley area that you can rent out when you’re not using it. Or maybe you want a place to get away from the hustle and bustle of everyday life. Whatever your reasons, it’s important to weigh the pros and cons before making a decision. 

Some of the benefits of owning a second home in Langley include: 

Being able to use the property when you want: Unlike renting, when you own a second home, you can come and go as you please. That means no more fighting for reservations or dealing with noisy neighbors. 

Tax breaks: When you own a second home, you may be eligible for certain tax deductions, including mortgage interest and property taxes. Consult with a tax advisor to see if you qualify. 

Increased equity: Over time, your second home will likely increase in value, giving you equity that you can tap into later down the road. 

Rental income: If you decide to rent out your second home when you’re not using it, you could offset some of the costs of ownership. Just be sure to factor in the cost of upkeep, repairs, and vacancy when calculating your potential earnings. 

A place to relax: For many people, owning a second home is all about having a place to relax and unwind. If that’s your goal, be sure to pick a location that suits your needs — whether it’s near the beach or in the mountains. 

Reasons Not to Buy a Second Home 

Of course, there are also some drawbacks to buying a second home. These include: 

The cost: Buying a second home is expensive — not just in terms of the purchase price but also in terms of maintenance and upkeep costs. Be sure you have enough saved up to cover all potential expenses before making an offer on a property. 

The distance: If your second home is far from where you live, it may be difficult (and expensive) to get there on a regular basis. That’s why it’s important to pick a location that’s close enough to visit often but far enough away that it feels like a true escape from your day-to-day life. 

The responsibility: Owning two homes means twice the work — from mowing the lawns and shoveling snow in winter to painting and reroofing when necessary. Be sure you’re prepared for all that extra work (or willing to hire someone who can do it for you) before making the commitment.           

Takeaways

As with any major financial decision, there are both pros and cons to buying a second home. So be sure to do your research and consult with experts at Corbin & Co before making any decisions. With careful planning and forethought, owning a second home can be both enjoyable and financially rewarding!