Lake George real estate agents, along with agents in other second home markets across the country, are starting to see a new trend in home buying. Buyers are opting to purchase vacation homes before they buy their primary residence.
Largely fueled by the rising costs of homes in desirable urban areas, renters who want to invest in their future and put down roots are finding it makes more sense to buy a vacation home in more affordable areas, while still renting where they live.
When Owning a Lake George Vacation Home (and Renting Where You Live) Makes Sense
It’s still smarter to buy than it is to rent, but that’s only true if you can afford to buy a home where you live. The assumption that owning a home is always better than renting, just doesn’t hold up anymore, especially in metropolitan areas, like New York City, Boston and Chicago. In fact, most Americans live in areas where it’s actually more affordable to rent.
Continuing to rent where you live, while buying a vacation home in Lake George, makes the most sense if you can’t (and will likely never be able to) afford a down payment where you want or need to live for your job, child’s education, etc.
Renting long-term is also a good idea if your apartment is rent controlled, or if another unique circumstance, such as renting from a family member, ensures your rent will remain low.
Benefits of Making a Lake George Vacation Home Your First Home
Starting with a second home is not only a reasonable choice for many urban professionals, it has some pretty decent benefits, too.
Rental Income
Buying a vacation home instead of a permanent home gives you the option to rent it out, and offset some of the cost of buying it, or even provide you with a second source of income. And because Lake George is an affordable but still tourist-friendly town, the income potential is substantial.
Permanent Place to Relax & Getaway
Even if you decide not to rent out your vacation home, it can still be a worthwhile investment in your emotional well-being. You and your family will always have a place you can come to escape the hustle and bustle of everyday life. A place to reconnect with each other and nature, whether that means enjoying the best Lake George beaches, skiing in the winter, hiking in the fall, or biking in the spring.
Forever Home in Retirement
Depending on when you buy your vacation home, and whether you decide to hang onto it, you could have it paid off by the time you retire. And, as it turns out, Lake George is a great place to spend your retirement. In addition to abundance of year-round things to do, Lake George offers seniors access to award-winning healthcare and plenty of opportunities for volunteer work and part-time jobs.
Start Your Search for a Lake George Vacation Home
If the idea of buying a Lake George vacation home makes sense for you, I’d love to help with your search. Not only do I work as a Lake George Real Estate Agent, but I live here, too. I have first-hand knowledge of the area, and I have several homes for sale in Lake George, Bolton Landing and the surrounding Southern Adirondack Region. Search for available properties or call me at (518) 321-1870 for a personal, one-on-one approach to the home buying process.