Whether you’re a single or double income household busting at the seems trying to balance a cheque book and a nocturnal infant, or trying to figure out new ways to toss your alarm across the room everyday at 6 am, our lifestyle choice is a determining factor as to what purpose purchasing a second home would satisfy.
A second home can be utilized as an income earner throughout the year.
Most of us rent for many years before owning our first “standard home” and after some time may wish to sell it in order to purchase a second one.
Assuming that the kids aren’t piled into one room and the roof isn’t leaking, why wouldn’t we consider
purchasing a rental property and adding to our portfolio? Think about this:
With the extra income you can jet set around the world. Ok, maybe not the world… but it may just allow you the financial freedom to take your friends to the movies and spend $62 on popcorn and Twizzlers.
Real Estate is one of the smartest long term
investments you can make with your hard earned
cash and current equity.
So as you look at all your financial options for the upcoming year, ask yourself first and foremost; what results do I need from the investments I plan to make? Then analyze your options in the context of your goals. If you choose real estate, simply stick to the fundamentals, take action while others worry over headlines of global chaos, take advantage of the low rate environment and use leverage wisely. Invest and don’t speculate and both you and your children will be glad you did in the years to come.
Don’t pay for another hotel room.
We tend to leave the vacation home owners alone in their pleasures because we just can’t grasp how to incorporate that luxury into our own lives. But having a little cottage getaway where alarm clocks lay dormant may not just be the daydream we have during these gloomy West Coast winters.
Vacation properties can come complete with groundskeepers and maintenance men. From Cultus Lake to Whistler, Ucuelet to the Okanagan, B.C. has some of the most beautiful vacation spots on the planet to choose from .
Here's a superbly written article written by Peter Kinch who is the author of The Canadian Real Estate Action Plan and co-author of the Canadian Bestseller - 97 Tips for Canadian Real Estate Investors.
MORTGAGE MINUTE: Looking ahead to investing in real estate for 2012
While I can’t promise that it will get you that Ferrari or put your kids through Yale, owning a second home-whether it is for vacation or to generate a rental income-is an upgrade in lifestyle. The good with the bad and the bitter with the sweet is indeed the plague of many second home owners, but the satisfaction and pride in owning two homes for these very same home owners, is priceles
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