The “American Dream,” a phrase first coined in 1931 by James Truslow Adams, is widely thought as achieved when you can buy your own home. But which home? Your first home? Your second home? Or is it, your second home before you ever buy your first home? Wait! What?
It’s nothing new for many homeowners to eventually purchase a second home for vacation purposes, weekend getaways, retirement planning and investment opportunities. But one unique and growing trend, particularly with the younger generations, is that of homebuyers purchasing their second-home before ever owning their first, as reported in Men’s Journal.
In fact, that’s exactly what Scott DeSimon, editor for Bon Appetit, did when he purchased a second home in Catskills, NY, while still renting an apartment 150 miles away in Brooklyn, NY. In his Realtor.org article, Why I Bought My Second Home Before My First Home: Money, Freedom and Fireflies, Scott explains that buying his second home – as technically a first-time homebuyer – made sense for his family’s future, because he never pictured the city life as forever. For the most part, Scott’s family commutes into the city for work and school, and heads back to the farmhouse for weekends of quality time with his wife and sons, “… running barefoot outside, throwing rocks in the pond, digging up carrots we planted on Memorial Day weekend.”
Of course taking on your second-home as your first homeownership experience does come with challenges, like managing day-to-day home upkeep from many miles away, as well as being prepared for those unexpected emergencies (i.e., a busted water pipe, plumbing issues, weather damage, etc.). While many homeowners may choose to tackle these responsibilities on their own, there are also local agencies for hire that can manage routine tasks and unplanned emergency situations on a homeowner’s behalf.
Another key factor when purchasing a second home, especially if this is actually your first home purchase, is choosing an appropriate mortgage plan. If your American Dream includes owning a second home, get familiar with the different loan options and mortgage plans for homebuyers who are either renting or currently own their primary residence. Contact a PrimeLending loan officer today to learn more! We’re ready to help you achieve your homeownership dreams.