Journey to change awareness about the second home

“Second home” is a concept refer to owning another living place beside the primary one, where people come and stay for a certain time of the year. The most typical example is a resort place. This trend is becoming more and more popular all over the world, Vietnam is no exception. Gradually, the cognitive journey about the second home is sometimes even more important than the first, especially since the outbreak of the Covid-19 pandemic.

Real estate professionals can distinguish the specific difference between the second home-which has a slight direction of residence and an investment property for the purpose of profitability. But in the market, real estate that combine both of relaxation and business are common, especially when it is managed and operated by a professional management unit.

Suburban house

The first feature of the second home seems obvious, is that it must be away from the first one. It could be famous resorts, coastal or mountainous, or a remote city. In the US, if you are looking for home credit, the lender will usually consider it as a second home if it is at least 50 miles (about 80km) away from the customer’s regular residence.

A common option for city dwellers is suburbs, where it just takes a short time to get around by road. According to the New York Times, many people who live in New York, instead of choosing a place few hours away from the city, they bought a house in suburbs enough to enjoy the beauty of the countryside. With the same perception, Business Insider Magazine also said that people who cannot give up urban life completely but want to escape the bustle have found a perfect harmony: a suburban home in the weekend.

So, not only New York people but also city-dwellers from all over the world have discovered how to have the best simultaneously. A few dozen minutes driving after a tense meeting in the office in the bustling center, entrepreneurs were able to join family and friends to enjoy a barbecue party in the fresh nature, watching the children playing and sleeping in a quiet, fresh space.

The second or the first?

Not only the upper-class people, a research in the US shows that young people also realize that the second home is a real place to rest, while the first one in the city seems to be just a place to stay overnight after an exhausting work day.

A recent survey by Zillow- real estate research and brokerage base in Seattle, and Harris Poll-a 60-year old market research, found that, besides having to stay at home more due to the social exclusion order, the top three (03) reasons Americans consider moving house are the desire for more space, more affordable price, and more room.

The Covid-19 epidemic brought about a quiet performance of the housing market, but made a more intangible emphasis on personal values and personal space needs.

Covid-19 also raises the question of whether this is the good time to buy a house? The answer of a brokerage agent in New York is it depended on your judgement, but the fact that despite the real demand, the supply right now is very limited. While many people put their plan on hold for a few months, others trying to find a second home at various price levels, so that when the pandemic is over, their homes are ready. For many people who have the money, they believe that this time is easy to get bargain price even though the successful transaction statistics are very low. Besides, for those who want to borrow money to buy a house, the current lending interest rate is being given many incentives to a record level.

World efforts are helping to gradually control the epidemic. But Covid-19 has so far changed the way people work. Although it is not certain how long this will last, remote work has become familiar and will occur more in the coming years. When not thinking much about working distance, a second home with its advantages seems to be more popular than the first, especially in convenient locations in the city center such as the suburb. And for those who have not officially owned a home in the US, directly finding a second home is an easy-to-understand choice.

(According to Dantri)