Tip of the Month: Leveraging Equity for a Second Home

Of the many reasons to purchase a second home, we’ve seen many throughout our careers – being closer to grandchildren, owning property near the colleges their kids attend, testing out potential places for retirement, leveraging home equity, or simply wanting a vacation home. In recent years, we have noticed more and more that purchasing a second home can also act as a reprieve from city life. Especially in an ever-evolving landscape where remote work has become somewhat of the new norm, the concept of second-homeownership has undergone a profound transformation. In a city like Los Angeles, where the pace and demands of urban living can take a toll, having a sanctuary to retreat to is both a luxury and a necessity for well-being. 

This month's infographic offers insight into some of the reasons why purchasing a second home may be a smart decision for you. Living in Los Angeles offers a unique opportunity to leverage home equity due to the dynamic market and desirable location. Not only a cultural hub, Los Angeles is a prime real estate market where property values have historically appreciated over time. For homeowners in Los Angeles, the equity accumulated in their primary residence can be substantial, whether they've owned their home for several years or recently entered the market.

This often sizable home equity presents a range of opportunities for homeowners, one of which may be to purchase a second home. Please know that we are here to discuss options or if you need to be connected with a lender to further educate on the pros and cons of tapping into your home equity safely to fulfill your real estate goals.