Whether you’re looking to purchase a vacation property or invest in a rental property for its earning potential, there are many advantages of owning a second property. From financial perks to personal advantages, many homeowners purchase a second home to reap the benefits. For more insight into these advantages, below are three reasons to consider purchasing a second property.

Why Purchasing a Second Home is Beneficial

1. Provides a Steady Rental Income

Owning a second property can be highly lucrative when you rent it out. If the home is located near water or popular activity hubs such as shopping, golfing, or hiking, you’ll be able to rent it out more frequently, as people tend to rend properties near attractions. Not only can the rental income be substantial, but it can also be regular, meaning you can rely on it to cover recurring monthly expenses, which will help relieve financial stress.

2. Enjoy Tax Breaks

In addition to the extra money you will earn by renting it out, having a second property means that several expenses will be tax deductible, a break you would not receive from owning a single property. These deductions include everything from the interest on your second mortgage, to the interest on a line of credit, to the home’s property taxes.

3. Use It As a Vacation Property

In addition to the financial benefits, a second home means you can escape the stresses of everyday life whenever you choose. With a reliable vacation property to go to, you won’t need to worry about costly hotel stays or finding a comfortable getaway. Plus, you can enjoy the comfort of your own bed, furniture, and home arrangements.

If you’re looking to purchase a vacation property or invest in a rental, put your trust in Herron Realty in Old Forge, NY. Specializing in everything from commercial to residential real estate, their realtors are familiar with the real estate markets throughout Hamilton, Northern Oneida, and Herkimer counties, and will help put you in the area of your preference. Focused on client care, their realtors make every real estate transaction as smooth and stress-free as possible. To schedule an appointment to search for a second property, call them at (315) 369-6910 or visit them online to browse available properties.