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.
Let's address the elephant in
the room - COVID-19
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.
What does the future hold for
the RE market in San Antonio?
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.
What's the renting situation
like?
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.
Family-friendly neighborhoods
in San Antonio
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:
● Boerne
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.
● Windcrest
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.
Is investing in the market
smart?
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.
Transport your belongings
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.
Buying a home remotely?
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