Buying Investment Property
Across the country, more than one in ten Americans (11 percent) now own two properties, and another 4 percent own three or more, and those numbers are increasing at an unprecedented rate. The NAR study found that the median age of vacation home buyers in 2005 was 52, and nearly 20 percent of those buyers said that they were planning to use their second home as their primary residence someday. In other words, they’re looking for places they can call home once they retire. This isn’t just a one-time finding. Since the first wave of Baby Boomers are just turning 60, it appears that the trend toward buying second homes and investment properties is likely to continue for a good many years to come–perhaps for the next quarter century.
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