Some rich millennials are buying vacation homes instead of primary homes because it’s too expensive to buy in the cities where they live.
There are three main reasons why people consider buying a vacation home, according to financial expert Jean Chatzky: They frequent a certain area, they’re planning to retire, or they want rental income.
But second homes are different than primary homes and come with a lot of caveats — here’s what you should know before you buy.
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Some rich, urban-dwelling millennials are swapping out starter homes for vacation homes: They’re renting in cities and buying country houses because they can’t afford to buy in their city’s expensive real estate market, according to Farran Powell of The Street.
That’s certainly not the only reason why people are buying vacation homes, and millennials aren’t the only ones to favor them. But buying a second home isn’t a decision to be taken lightly.
“It’s important to understand that second homes are different,” Jean Chatzky, financial editor of NBC’s “Today” Show, wrote in “Women with Money,” …read more
Source:: Businessinsider – Life