Is owning a second home a smart Investment? Aside from the pleasure and enjoyment that it will provide for your family and friends, it most often can be a sound financial move for your retirement portfolio. Even modest appreciation can be quite substantial in your later years. It’s wise to choose a location close enough to a major city for easy commuting and in a resort area close to year round attractions, like lakes, and skiing. To further add to the possibilities, is the ability to rent it when you won’t be using it. The tax advantage remains one of the last ones still available, by being able to write off both the taxes and interest on your mortgage. I have found over the years that many of our clients who began as second homeowners, fell in love with the area and then choose to make their second home their primary residence at retirement. All in all a very smart move.
