If you think buying a second home amid a pandemic, you’re not alone—and you’re not ridiculous. With the global recession that comes with the coronavirus pandemic, many people think it isn’t smart to make huge financial decisions. Many financial experts say you should boost your savings instead and keep as much cash as you can. But buying a second home in the suburbs makes sense for some people.
Shifting priorities
The shelter-in-place measures, along with remote work setups, changed the way we see our homes. Most of us crave for private spaces and outdoor spaces to take a breather from work and, sometimes, our families. These spaces, however, are not always available—especially to apartment dwellers in the city.
Real estate experts see a growing trend among homebuyers who are primarily city residents. These buyers make geographic trade-offs to look for houses for sale with enough spaces for every family member. They refocus their property search farther away from downtown or outside of urban cores.
However, this trend doesn’t mean they will completely let go of their condo or apartment in the city. Along with this trend is the rise of a phenomenon called co-primary living.
The rise of co-primary homes
In the past, a second home only served as a seasonal or vacation home. Families would stay in their second homes to spend the summer or winter, taking a break from their usual routines in the city. But today, second homes in coastal towns or suburban neighborhoods are treated as co-primary homes.
As the coronavirus pandemic continues to wreak havoc on different places, especially in dense urban areas, many families choose to stay in their second home. They will only go back to their apartment in the city when they need to go to their office, meet clients, or do tasks that are only available in the city. Then, after a few days or so, they will go on a two-hour drive back to their second and bigger family home.
Is it a good time to buy a second home?
As more people cling on to their second homes, the active listings in suburban neighborhoods are low. But many property developments are nearing their project cycle, finally opening properties for move-in. If you find your dream second home, and you have enough funds to afford it, real estate experts advise you to buy it now. Today’s low mortgage rates will make your home purchase less expensive in the long run.
Also, many states recognize that real estate is an essential industry. So, checking out homes and carrying out loan application and closing processes are available again. But it’s better to take advantage of virtual tools, such as online 3D home tours or video conferences with your agent, to lower your risk for face-to-face interactions. After all, unlike other industries, real estate industry adapts to the new normal.
At a time when distance and private spaces are essential, buying a second home makes great sense. As long as your financial situation permits it, and you take safety measures, now’s a good time to do it.
