01 December . 2020
Demand for Second Homes Surge During Pandemic
The ability to work from home, a need for flexible space, a desire for greater access to the outdoors, and lower mortgage rates triggered a 100% increase in second-home purchases over last year and the fourth time we saw triple-digit increases in the past five months according to Redfin. Some of these second homes may ultimately become primary residences, especially for those Americans eyeing retirement in the near future, but many have opted for a new space in a new place.
The purchase of a second home may have some different requirements to qualify for a mortgage and you may want to consult with your financial advisors. To better understand "How to Buy a Second Home," SmartAsset lists three considerations to help you get closer to that purchase of a second home. As stated in the article, it may be tougher to qualify for a second home mortgage.
Once you get your finances in alignment, be sure to explore all of your second home opportunities at all of our Newland communities where you can search by region, market, and state.