Why Buy a Second Home With Wright Homes
For many people entering retirement, buying a second home is something to consider. There are so many benefits that come with owning a second home. Buying a second home with Wright Homes will make your retirement warm and family-filled. Written below we have 5 advantages that come with buying a second home once you enter retirement.
1. Tax Deductions
Nobody is going to say no to more tax deductions. One of the great aspects of owning multiple properties is that you can deduct the full amount of real estate taxes on all of your properties. Sales tax, including the sales tax on homes, fall in the unlimited category for tax deductions. Whether you own 1, 2, or 10 homes, the property tax you pay on any of them can be deducted from your taxes. Up until 2017 when the Tax Cuts and Jobs Act was passed, there was no limit on how much property tax you could deduct. However, starting in 2018, a $10,000 limit was placed on how much property tax you could deduct. The great news is that $10,000 still offers a lot of wiggle room for owning a second property.
2. Rental Income
If you so choose, you could rent out the property you aren’t currently living in and make an extra income. This is a great way to fund your retirement with a passive income source. Having a passive source of income means that you’ll be obtaining a recurring source of income with relatively low amounts of effort. Having an additional source of income throughout retirement can provide retirees with a greater feeling of financial stability and independence. The great thing about renting out a property is that you always have the option to move back in if need be. Rather than selling the home, making a passive income and creating more options for yourself in the future is a great way to go.
Lots of Utah residents like to take weekend trips down to St. George. Those who are in retirement are especially keen to spend as much time as they can in the warmer weather. If you find yourself taking frequent trips down to the southern part of Utah to escape the cold winters of the northern part of the state, you may want to consider extending your weekend vacations much longer and buying a house. If this is appealing to you, Wright Homes has a beautiful community in St. George that is sure to make your retirement warm and comfortable. Cottam Cove is a lovely neighborhood that is sure to make your retirement in St. George scenic and relaxing. There are several different floor plans available, so you can choose the one that best suits your lifestyle.
Owning two homes is excellent for retirees wanting to enjoy the warm weather year-round. Instead of enduring the snowy winters up north, being able to drive down to St. George allows you to enjoy the usually cold, grey winter months in the sun and the gorgeous Southern Utahn red rock in the background.
4. More Quality Family Time
One of the best aspects of retirement is being able to spend more time with those you love. Having a home where the weather is always warm and your family can come and visit will allow you to have more quality family time. Retirement is an excellent time to prioritize family time, and there is no better setting for it than in the scenic Cottam Cove in St. George. St. George neighbors Zion National Park, so family hikes, drives, and picnics take place year-round. If you have grandchildren, they will love to come to spend weekends with you. The gorgeous red rock provides lots of opportunities for fun outdoor activities that your family will love.
Lifelong memories will be made during your retirement years, and spending time with your family in your second home will help you create these memories. Whether you choose to spend family time at the pool, dinner table, or outdoors, buying a second home with Wright Homes is a great option for making your retirement dreams a reality.
5. Family Legacy
For retirees, the prospect of being able to leave something behind for their families when they pass is a meaningful idea. Buying a second home will allow you to leave something behind for your family when you pass and thus create a family legacy. Having a designated gathering place for your family will help to establish stronger familial bonds and feelings of unity and connectedness. The power of having a place for family and friends to gather is often overlooked. Family gatherings are incredibly beneficial for everyone involved. Children learn how to communicate with adults, and feel a sense of security knowing their aunts, uncles, and cousins. Strengthening relationships is made easier when you have a meeting place.
Contact Wright Homes Today to Find Your Perfect Retirement Home
At Wright Homes, we believe in building beautiful, high-quality homes that will make your retired years as comfortable and convenient as possible. We have several gorgeous communities across Utah to choose from. Our St. George community, Cottam Cove, is particularly popular amongst seniors who are entering retirement. Our knowledgeable team is ready to help you every step of the way to buying your second home. Contact us today to learn more about our communities and floor plans.