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Second Home to Retirement – A Growing Trend

Posted by Darle Booher on December 9, 2016
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Often people requesting Hilton Head area real estate information are a few years from retirement. Gathering information helps them identify and begin to initiate their future plans.

They choose a new location for a variety of reasons. Sometimes, they move to an area they have enjoyed visiting over the years. They may select a region to gain improved weather conditions where they can enjoy outdoor pastimes throughout the year. Others may choose to move to a locale that offers similar features to their present home, such as beach, or mountains, to obtain the lifestyle they want. However, they may find another area is more affordable than their current home when considering taxes and cost of living. Some will make the decision with their families in mind – close proximity to children and grandchildren with activities that assure their future visits. While there may be other reasons, these are the most common thoughts expressed while considering a retirement move.

Recently, Forbes had an article about the growing trend of purchasing a second home with the intent of turning it into a primary residence at retirement. The trend is growing not just here in the Hilton Head and Bluffton areas, but throughout the country.

There are some great advantages to initially purchasing a second home. It offers owners the opportunity to spend time in the area prior to their move, to build social relationships, to learn where they might like to affiliate with a church or volunteer group, and to gain knowledge about the area from an owner’s perspective. It can also be a gathering place for family and friends who can share in the excitement of the future move.

With prices down, buyers have found they can afford a home that was beyond their purchase ability prior to the decline. However, the improving market conditions in many locations could mean that waiting until they are ready to fully relocate could again put some of these properties out of reach. The indicators of an improving market are reduced inventories, less short sale and foreclosure opportunities, and slowly rising prices.

Determining if a second home is the right path will be different for everyone. If this is a possibility you would like to explore or you would like additional information, please call or contact me. My husband and I started by owning vacation rentals in 1979, then a second home, and later a permanent residence in 1991. We love living here, our families love visiting, and we have never looked back!

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