Second Home Purchase: Why Provo Buyers May Consider It

At Altius Mortgage and our partners with Mortgage Ogden, we’re here to help with a comprehensive range of mortgage needs and services in Provo and numerous other parts of Utah. From first-time homebuyers up through current homeowners who need assistance with mortgage refinancing, plus numerous buyer types in between, we offer a range of mortgage rates and home loan programs to ensure you have the proper funds available.

One particular buyer type we’re happy to assist in several areas, including their desire to purchase in the first place: Those considering a second home, whether for their own purposes or for someone close to them. This two-part blog series will begin by going over the common reasons why some people choose to purchase a second home, then will dig into some tips we offer to those who are entering this situation.

Retirement Planning

In many cases, a second home is desirable to those who are planning to retire in the near future, and want to move into a new space while doing so. For some in this position, the prudent move is to downsize slightly – you might not need all the space you have in your current home, especially if your kids have recently moved out. In this situation, you can often utilize the equity you’ve built in your current home, which will help you fund a second home purchase.

In other cases, you may pay for a second home using assets you already have, such as savings, dividend income or inheritances. In these cases, depending on the amounts you have available, you might not have to downsize at all, or could even purchase a larger home for retirement.

Home for Parents

For others who have the funds available, there may be a desire to purchase a second home for your parents. This often helps older adults avoid senior living facilities that they often have little interest in living in – in addition, purchasing your parents a home allows them to stay closer to you, plus any kids you have (their grandkids). Of course, it’s prudent to speak to your parents about this in detail before moving forward here.

Trips and Vacations

Finally, again for those who have the available budget, a second home is fantastic as a getaway location. Do you and your family have a single place you like to visit every year for vacation? Instead of wasting money on hotels or rentals, purchase a vacation home. The same goes for those who travel regularly to the same location for business purposes. And in periods where you aren’t actively using the home, you can rent it out for additional income (some purchase a second home purely for rental purposes, as well).

For more on the benefits of purchasing a second home and the situations where you might consider it, or to learn about any of our mortgage rates or home loan services in Provo and other parts of Utah, speak to the staff at Altius Mortgage today.