The prospect of owning two homes can be a wonderful mood lifter. It can also be a daunting prospect!
Planning and effective management are key for when the unexpected happens to hopefully reduce any unneeded financial or emotional turmoil.
There is a pretty good chance that any second home will not be in the same neighborhood as your home presently, and repairs /maintenance tasks will be guaranteed despite usage perhaps being lower than your family home, dependent on circumstances.
What you do not want to be doing is spending your time off work, or just the time visiting the second home, completing chores. If all is prepped beforehand, you will not have to.
Naturally (and this may sound surprising…) but the advice from a boutique property management company such as Gore Property Management would be… to hire a boutique second home property management specialist. On a serious note however, a good property manager who acts as one with your needs and wants can make sure any laborious work is not something requiring thought.
Renting out your second home
If extra income is the path for you then renting out your home may be the way to go. This option is usually a good idea for those who are not in the country and have bought their second home for investment purposes. There are many options to help in doing this, either you can rent it out yourself, enlist the help of a friend, or hire the services of a management company. Good quality second home property management can actually increase the value of property assets as preventative maintenance schedules, cleanliness and design are at the forefront of any manager’s mind when it comes to property. Of course renting out will mean general wear and tear at the property over a number of years so be prepared for this.
Keeping your second home vacant
Another option is to keep your second home specifically as your second home. Empty and ready for the time that you are wishing to visit or use it. With only yourself using the home, you can be sure that there will not be any surprises awaiting you, with you main concern only to keep cleaning and maintenance up to date.
Both keeping your home either as vacant, or rented out, are fine choices for your fantastic addition to your portfolio. Remember that second home property management companies specialize in different types of home management so thorough research into the services they offer is essential. Management companies sometimes do not offer a vacant home service, and some do not offer a concierge service element, only a rented home management service.
No matter what your plan is for a second home, or who you plan on assisting in the work to manage both your 1st and 2nd homes, congratulations and enjoy the new project!