Why I Bought My Second Home First
Many residents of larger metropolitan cities view the real estate market as something beyond their reach. While their incomes may be substantial in comparison to the rest of the world, they don’t rise to the level that makes home ownership in their home city seem viable.
I remember when I left NYC 16 years ago, the prices of starter homes were already high at $500,000 for a nice but needing-work, small 2-bedroom in a neighborhood that was perhaps on its way up, but not quite there. Safety, cleanliness, schools and local resources were usually less than desirable. To most people the only other options, it seemed, were to rent or move out of the city altogether. And neither of those choices were appealing. Renting usually meant paying exorbitant fees for small spaces and without the financial benefits homeownership provided and moving involved a total life disruption, including finding new employment with a potential drop in salary.
While these choices are accurate and still exist, there is one other that opens the homeownership door wide and welcoming and onto a world where your money goes farther than you might imagine. This option, called the “Second Home First” path, leverages a higher city income across a real estate market outside city-limits. Basically, you get more bang for your buck, and in many cases, we’re talking really big bangs and little bucks!
Realtor.com’s article ‘Why I Bought My Second Home Before My First Home: Money, Freedom, Fireflies’ tells the story of one couple’s experience and insight in pursuing the “Second Home First” route. Like my husband and me, they were anchored in Brooklyn, NY and purchased their ‘Second’ home in the Catskills. They address expected topics, such as financing, but also those you might not think of, such as considering to use your second home as an income generator, and more.
If purchasing a home outside the city limits sounds appealing, but you’re wondering about whether you’ll miss the culture of the city too much, read our blog post ‘Catskill Culture-the best of both worlds’ It addresses questions and concerns about whether country-life has enough to keep you entertained and satisfied for the long haul.