Owning a second home is one of the best investments that you can make, especially if you choose to get one in sunny West Palm Beach, where apart from the magnificent views of the ocean and palm trees all over, one can immerse themselves in the diversity, culture, and happy vibe of this South Florida city.
Reasons to buy a second home
While you still have your primary residence, buying a second home in West Palm Beach can give you a world of benefits, from tax advantages to long-term profits. Let us look into these in detail:
- It’s the perfect getaway
When you have a second home, you also gain for yourself a vacation home to use for a quick escape from the stresses of daily life. There’s no need to worry about booking for rooms, only to get hassled by the lack of these, especially on peak travel seasons. Your second home will be right there whenever you need it.
Since your second home will be mostly used for happy occasions, you have the opportunity to create great new memories with family and friends.
- It has tax benefits
The attraction of a huge price cut in taxes is what brings a good number of people to get for themselves a second home. Moreover, if you use your other property as a second home instead of renting it out, the interest on your mortgage becomes deductible by up to $750,000. You only need to list down in detail what these deductions are to take advantage of the mortgage interest. Property taxes can also be reduced by as much as $10,000 per tax return.
- It’s a great retirement option
A second home can be a major part of your retirement plan. If your plans for retirement involve a lot of sun, sand, and surf while you relax, then a property in West Palm Beach will get you exactly what you want: a second home that brings you closest to your retirement goals.
- It has the potential to appreciate
Real estate prices in the United States continue to appreciate and it shows no signs of slowing down. According to real estate news website MillionAcres.com, there is a 2% monthly appreciation in real estate prices on the national level as of April this year and as much as a 14.5% appreciation rate year on year.
- It’s a good real estate investment
You can never go wrong with adding another real estate property to your portfolio. If you already own stocks, bonds, as well as other real estate investments, a second home makes a great addition to the mix. More so if it’s in a good location with excellent and well-maintained amenities. And should you decide to rent it out in the future, this gives you another avenue for generating income.
Choosing West Palm Beach as the location of your second home
When it comes to world-class beaches, palm tree-lined streets, and access to a wide array of shopping and dining options, nothing compares to the city of West Palm Beach. Located along Florida’s east coast, it’s a tropical paradise with plenty to offer.
Here’s why you should buy your second home in West Palm Beach:
- Sunny weather all year round
If you’re searching for a place where the weather is always warm, look no further. West Palm Beach enjoys around 238 days of sunshine, which is relatively higher than the US average.
- Unlimited outdoor activities
Apart from beach activities, golfing is another popular pastime here. The city has a number of world-class golf courses, including the Emerald Dunes Club Golf Course, the Dunes at Palm Beach Polo & Country Club, and The Club at Ibis.
- Easy access to the water
Imagine miles of coastline, powder white sand, and the cool sea breeze to enjoy just outside your doorstep. This is what West Palm Beach can offer. After all, it is home to widely popular beaches like Lake Worth, Ocean Reef Park, and Juno Beach.
- Gorgeous properties
Whether you’re looking for a waterfront home or one that offers many amenities, you are sure to find a West Palm Beach property that would make the perfect second home. This beach city has a wide variety of amazing properties. Find custom estates, contemporary residences, stunning golf course homes, and more. Some West Palm Beach properties also have water frontage, panoramic water views, and excellent amenities.
- Incredible arts and entertainment options
There’s no room to be bored in West Palm Beach. Aside from exploring the city’s incredible beaches and watching live concerts, you can go on museum tours and attend various art and culture celebrations.
Find your second home with the help of the best Realtors in The Club at Ibis, West Palm Beach. When you work with us at The Telchin Group, you can expect top-notch services that are catered to your real estate goals. Give us a call today at 561.301.0249 or send an email to Eric(at)TheTelchinGroup(dotted)com.