Hot Locations for Offbeat Vacation Home Investments
The idea of buying a vacation home tends to bring to mind landscapes of beaches, mountains or lakes, but experts say not all second homes have to be located in exclusive communities like the Hamptons or Malibu to be a worthwhile investment. As the housing market sees increased confidence from buyers and sellers alike, realtors say more Americans are on the hunt for a second home before interest rates rise too high. “We are seeing an emerging trend of second home purchases,” says Charlie Young, CEO of ERA Real Estate. “People are getting back into the market from a second home perspective because of affordability, reduced and discounted pricing and solid inventory.” These second homes don’t necessarily have to be in a high-end market, either. Michael Mendillo, president of the Mid Atlantic Region of FirstService Residential, says buyers in the lifestyle community sector of the real estate market are purchasing second houses that will eventually become their retirement homes. “It’s either people buying a second home where they are sensing their child will go to college nearby, or they are retiring and their second home will become their full-time home as well,” he says. FOXBusiness.com talked to real estate experts across the country to find under-the-radar vacation home locations and communities that are heating up:
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