If you own a home and are raising a family, the 2020s are an opportune time to hunker down and think about how to increase the value of your largest investment. If possible, consider acquiring a second home to expand your holdings and potentially earn rental income on the side. The good news is that couples who own houses have plenty of options.
Buying a second property opens the doors to not only additional income but also having a ready-made vacation home for the holidays. Other ideas include making appropriate improvements to boost the resale value of a house, adding creature comforts to make it more livable for you and your family, and enhancing security features to make the place safer. Couples who have children and own homes should review the following ideas to see which ones suit their budget and preferences.
Acquire a Second Property
Purchasing a second home is a common and wise move for parents who want to create additional streams of income, have access to no-cost vacation lodging, and expand their ownership of real estate assets. Investing in real estate in the form of a non-primary residence comes with dozens of financial and practical benefits. Aside from being a smart investment tactic for those in all income groups, it’s a practical way to take advantage of various tax benefits.
What’s the easiest way to get started? Get the facts about owning a second home and real estate investing in general by reviewing a comprehensive guidebook that examines the potential tax deductions that owners can gain access to breaks to take advantage of. Plus, the guide outlines special deductions you can take if you are an investor in addition to being a real estate owner. The guide comes in handy during tax time, so don’t file without reading it first.
Make Essential Improvements
Moving can be a costly decision, so why not do the next best thing and research home improvement tips to make your current living space more comfortable for you and the children? What are the most common jobs people do, either as DIY projects or with the help of contractors? Kitchen and bathroom remodel work tops the list, followed by painting the outside and inside, redoing the floors, and converting bedrooms into offices.
Think About Resale Value
Owners who want to increase the resale value of their homes tend to choose go-to improvements like pools, solar panel arrays, and new roofs. Those three have the greatest potential to boost your future asking price and attract the most attention from prospective buyers. Hiring contractors to perform any of those jobs can mean a significant financial commitment. However, it’s much less costly than purchasing a new place and should be viewed as a long-term investment.
Protect Property & People
On the lower end of the cost scale, adding security features to living space makes sense for a number of reasons. First, owners can take some components with them when they move, like surveillance camera arrays, window locks, and alarm systems. Second, there are all-in-one home safety and security packages that are easy to install, are fully portable, and deliver a large measure of protection against break-ins.
