First Guest Posting on this Blog! Our Guest Poster Today: Matthew Schwimmer
Anyone who's considering purchasing a second home knows that there's a lot to think about. Many factors determine whether this is a smart decision. One of the most important things is timing. San Antonio has proven to be a very profitable market over the years. However, the question at hand is whether now is a good time to buy a second home in San Antonio.
Of course, we couldn't imagine contemplating whether buying a second home in San Antonio is smart or not without mentioning the pandemic. The truth is, the consequences of the still very much present pandemic exist. The first thing that you should take into consideration is what your plans are after the purchase. If you wish to rent, the statistics don't really go in your favor. Since people are losing their jobs, it's not rare that they're late with rent payments.
However, not every consequence of the pandemic has been negative. There are quite a few homes to choose from, and the prices are as steady and strong as ever. This means that the home value prevails no matter the current situation. Know that the market is competitive and that you should act fast if you see a property to your liking.
Make sure to do your research on how the pandemic has affected the market in San Antonio before you buy a home there.
There's something to look forward to
The overall Covid-19-related consequences have been more favorable than not in San Antonio's real estate market. As we've mentioned, the prices have been steady. According to research, the current prognosis is that they'll continue to increase slowly.
Of course, no one can predict what the future holds, especially in the long run. However, if the RE trends continue, there's no room for worry. This rise is beneficial both if you're looking to buy a second home in San Antonio and if you wish to sell it. Either way, you'll undoubtedly profit.
Purchasing a second home often results in renting it for the better part of the year. Since about 40 % of all residents in San Antonio are renters, you should have luck no matter the pandemic-related consequences. Additionally, just as the home prices have gone up, the rent prices have as well. During 2020, the rent prices have gone up about 2%, which is more significant than it may sound.
Of course, if you're looking to buy a second home in San Antonio for you and your family, you should thoroughly vet all the family-friendly neighborhoods and choose the best location wisely.
There are some great suburbs in San Antonio that you can consider for your second home.
Here are some suburbs that should be fitting no matter how high your standards are:
If you're looking to enroll your kids in a school in San Antonio, make sure to check out Boerne. It's the second-best neighborhood education-wise. Although the homes are on the pricier side, this area offers everything a young family could need. It's safe, friendly, and quiet. Investing would also most likely pay off over time.
The homes in Windcrest are a bit less pricy than in the previous neighborhood but still a bit above others in the area. If there's ever been a good time to purchase a home here, it's right now.
● Olmos Park
One of the most popular suburbs in San Antonio is surely Olmos Park. Its popularity isn't surprising since it's very safe, has incredible job opportunities, and has excellent amenities. It's a great place if you wish to live in luxury and peace.
● New Braunfels
New Braunfels is another neighborhood that offers fantastic schooling opportunities for your kiddos as well as great housing options.
It all comes down to the question of whether you should buy a second home in San Antonio or not. Although no one can make that decision for you, you can at least decide whether this would be a smart move in practice. As we've already stated, the financial payoff, although not a sure thing, is something that you can expect. This means that if your goal is to flip the home after some time, you're all set. However, if you plan to move here, make sure to do your research thoroughly. Living somewhere long-term should be taken seriously.
Find an affordable home
Compared to the median home price in the US, San Antonio actually offers some more affordable options. Right now, it's at about $221,860. This means that the San Antonio real estate market is a wise choice if you're exploring areas with similar qualities and opportunities.
If you've decided that purchasing a home in San Antonio is right for you, make sure to handle this process in a smart way. If you're not going to relocate here but visit occasionally, it could be a good idea to transport some of your belongings here. According to State to State Move, hiring movers to do this should be done as soon as you've finalized the purchase.
Nowadays, purchasing a house remotely isn't that unorthodox. As digital signatures have become more convenient and virtual house tours are as realistic as ever, this could be a very good way of saving time. Make sure to surround yourself with reliable professionals since they'll make purchasing a home remotely a breeze.
Make sure to consult reliable professionals before purchasing a home in San Antonio virtually.
Listen to your gut
Of course, you should look at all the statistics and take all the available advice on whether you should buy a second home in San Antonio or not. However, always listen to your gut as well. After all, this will be a decision that will significantly impact your life.
Meta description: If you're considering whether to buy a second home in San Antonio or not, make sure to know all the facts. We've come to help.
Matthew Schwimmer, Blogger and Writer