The concept of families purchasing a second home is not new. Yet, it seems to be becoming more popular. Discover.com recently reported that buying a second home could be a positive asset.
“If it’s affordable for you and your family, and in line with your long-term goals, owning a second home can be great for investment and lifestyle reasons,” the website stated.
The website stated one of the best reasons to buy a second home is to create new memories. These homes, which are often referred to as vacation homes, allow families to get away from the hustle and bustle of their daily lives. This escape can provide a means for them to reconnect.
Seeing more buyers interested in second homes raises the question, “Is there a surge in the second home market locally?”
Debra Pettit from the Pettit Realty Group in Pottsboro said there is not a surge, but a steady interest.
“I just sold a lakehouse on Lake Texoma,” Pettit said. “I also recently sold a barn house in Tom Bean.”
Pettit explained the lakehouse was a rare find for the buyers.
“It is a unique luxury home because it has a double boat slip on the water,” Pettit said. “It is rare for Lake Texoma to have a personal dock.”
The reason it may be difficult for buyers to find a home with a private boat slip on Lake Texoma is the restrictions maintained by the Corp of Engineers. This organization is responsible for preserving and maintaining the lake, and as such they own several feet of land surrounding the lake.
Like Pettit, Lisa Biddle, a Realtor with Keller Williams, said she sees the interest, but it is not necessarily always for vacation homes.
“I see buyers wanting a second home for an investment property,” Biddle said. “Most want properties to turn it into wedding venues, wineries or a bed and breakfast.”
Pettit explained she sees a unique need for this type of property in the area as well.
“The barn house I sold in Tom Bean is being turned into a wedding venue,” Pettit said.
Biddle added if a buyer does purchase a vacation home in the Texoma area, it is often used more for hunting. She also said she sees more vacation home purchases out of state, as in the Colorado area.
Jason Ryan of Halo Realty said he sees second home purchases for extracurricular activities.
“People buy second homes for recreation,” Ryan said. “Some buy houses on land out in the country so they can shoot their guns, or turn it into a ranch. Some want the country scene for the trees.”
Ryan said it is important to seek assistance when purchasing a home, whether it is for your primary residence or a second home.
“Never go into one of the biggest purchases of your life unrepresented,” Ryan said. “It is also important to have a good lender.”