Second Homes Yield Profits in Scottsdale
Scottsdale has long been an ideal vacation and retirement community. It’s a wonderful location with incredible access to recreational opportunities like golfing, and luxury amenities. It’s a great place to live and a great place to invest in.
One excellent investment opportunity is a second home. Whether you currently live in Scottsdale, or just come to the area during the winter months to escape the snow, you’ll find some amazing properties to serve as second homes or investment properties.
Second homes aren’t just the investment opportunity of the wealthy. More and more people are finding it possible to purchase second homes. Last year, a third of the homes sold were second homes. And this year, with the real estate market slowing, there’s more opportunity than ever to find a great price on an investment property.
There are lots of options for purchasing a second home. You can find a single family home to use as a rental property, or you can find many condominiums or town homes that can serve as your vacation property for part of the year and rental income for the rest of the year.
There are many tourists looking for rental properties that offer the comfort of home. When you purchase a second home, you may be able to rent it for an equivalent amount as your mortgage payment.
But even more than rental information, a second property offers a long term investment. Although the real estate market has slowed down, investors stand to gain as the home appreciates in value. And Scottsdale certainly is a market where homes have steadily increased in value. Scottsdale is considered a luxury market, and homes in this community are highly sought after and retain their value.
A second home in Scottsdale also offers great potential for those not quite ready to retire, but planning to do so in the future. Imagine buying your retirement property now, while home prices are relatively low, instead of waiting a few years when prices are higher. You could potentially save yourself thousands, if not hundreds of thousands on a home. All while watching your home equity increase. By the time you retire, you’ll have a great property and money in the bank.
This is the perfect time to look for investment properties in Scottsdale. You’ll find a great selection, with sellers that are motivated to sell. You’ll also find that this is the best time to investigate some great mortgage packages. You’ll find a variety of mortgage options that make owning a home a second home in Scottsdale affordable and a great deal for your future.
Reg Gustin is a senior loan officer with Sun American Mortgage and specializes in helping families and their financial lending needs.
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