Why buy a second home in Prescott?
Real Estate is one of the few investments you can actually enjoy as the value grows. If you’ve ever thought about buying a second home (or even if you you haven’t), consider buying a second home in the Prescott area.
Situated in the mountains of North Central Arizona, Prescott and the surrounding areas enjoy near-perfect climate year-round. Prescott is rich in the history of the old west, and it is alive with culture, including live theatre, music, nightlife and art galleries galore!
Whether you want to escape the scorching heat of Phoenix or Mesa or enjoy a cozy winter weekend cuddling up by the fireplace in a cabin, Prescott might be the perfect destination for your second home.
Does a second home make sense?
Purchasing a second home is not the right choice for everyone, but for some people it is a great choice – even an excellent investment choice! According to Zillow, Prescott home values have gone up 6.6% over the past year. Zillow predicts they are going to rise 4.5% within the next year. Real Estate is the perfect investment to enjoy while its value is increasing.
Earning money while paying the mortgage
Some people look at buying a second home and buying an income-producing rental property as two entirely different matters. Have you considered using a second home as a rental property during the time you are not on vacation enjoying it? Think about it. Let it sink in. It can be a win-win.
You can offset your mortgage payments by renting out your second home when you are not using it yourself. You may even be able to make an annual profit while paying the mortgage and while your investment increases in value. Zillow has reported that the median rent price in Prescott is $1,625. That could go a long way toward a mortgage payment! If you don’t mind sharing your vacation home with other vacationers or students, you may be able to turn your second home in the Prescott area into an income-producing investment.
Additionally, it may be to your advantage to have good tenants renting your second home so that it will not be vacant during the time you are not vacationing in it. Keeping your second home occupied year-round, or nearly so, is great protection from possible vandalism, or even people breaking in to use it for free shelter. You might also consider the fact that insurers generally don’t like to insure vacant homes. Now these obstacles can be overcome by hiring a property management company to maintain your property when you are away from your second home in Prescott. But it can be a great option in some cases to rent it out during the months you are absent.
Fulfill your dream!
Excited about possibly owning a vacation home in the mountains of Prescott? Why not fulfill your dream. Prescott may be just the location you are looking for your vacation getaway. Contact us today to start your search.