Considering a Second Home?

Vacation homeownership by the numbers

Considering a lake home, hobby farm, Bed & Breakfast or just a remote cabin in the woods for fun and relaxation? Up to 1/3 of all Real Estate transactions this year could be for Second Homes.

If you would like more info on how you can reap tax benefits, financial rewards and a great get-away place- CONTACT ME today!

Here's some current figures on the Second Home/Vacation Home Market.

VACATION HOME OWNERS

75 percent of vacation home owners bought for personal use.

33 percent bought as a way to diversify their investments.

18 percent planned to use their vacation home as a primary residence in retirement.

13 percent listed rental income as reason to buy.

Typical owner spends 39 nights per year at their property.

75 percent of second-home buyers do not rent out their properties.

The median number of nights per year those who rent their vacation homes out is 12.

LOCATION

50 percent of all vacation homes are in resort or recreational areas.

18 percent are in small towns.

16 percent are in rural areas.

SECOND-HOME BUYERS

40 percent of all home purchases were second-home purchases in 2005.

12.2 percent were vacation homes.

27.7 percent were purely for investment purposes.

30 percent of all home purchases in 2007 are expected to be second homes.

SECOND-HOME OWNERS

21 percent own two or more vacation homes.

34 percent own two or more investment properties.

53 percent of investment home owners own two or more investment homes.

INVESTMENT PROPERTY OWNERS

66 percent purchased to generate rental income.

50 percent did so to diversify their investments.

80 percent rent out their property.

73 percent rent it out for at least six months per year.

55 is the median age of an investment owner, who had an income of $98,600 in 2005. Their investment property is located within a median distance of 10 miles from their home.

Eight of 10 spend no time at their property.

BUILDING TYPE

Four of 10 are detached single-family homes.

22 percent are cabins or cottages.

21 percent are condos in buildings with five or more units.

7 percent are townhouses or row houses.

5 percent are mobile or manufactured homes.

3 percent are in two- to four-unit structures.

Source: National Association of Realtors