Absentee Homeownership in Palm Desert
Owning a second home in Palm Desert, or the greater Palm Springs Valley comes with excitement and the promise of relaxing weekends in the warm Desert sunshine. A second home in the Desert is the perfect get away from the daily work grind or escape from cold winter months.
But, as time passes, circumstances may have changed and being an absentee homeowner might have you asking yourself if it’s time for a rethink.
In this article we take a deep dive into absentee homeownership, exploring the signs that may show it’s time to consider selling your second home in the Desert.
Change in Your Personal Circumstances
Life is full of transitions, and your reasons for owning a second home may have evolved over time. The original thought may have been to create a place for the entire family to gather for fun. But now, with busy schedules it isn’t working like it did. The kids and grandkids get older and become more involved with school, friends and work – squeezing the time they can spend away from home.
Owning a second home comes with financial commitments that can grow. Aging systems that start to need replacement. Landscape and Pool maintenance and HOA fees have all increased. Even a change in the rate of exchange for the US dollar can affect the monthly cost of absentee homeownership. If the monthly expenses have become a burden, it might be worth exploring whether selling the property would relieve you of unnecessary / rising expenses.
Considering Rental Opportunities
If you find you’re not using your second home like you were, maybe renting for potential income makes sense. Renting can significantly offset your carry cost of your absentee homeownership. But, if you’ve already been renting your home as a vacation destination, and you’re finding that the short term rental market feels a little over-saturated because securing a rental has become more difficult, or you’re discounting the rental rate to secure a rental, it might make sense to move your investment dollars into a different property that fit’s your needs.
Real Estate Market Trends
Demand, inventory levels, and prices impact the potential return on your investment. Stay informed about developing trends for absentee homeownership and shifts in the market that may impact your ability to sell your property.
Emotional vs Practical
The emotional ties you have to your second home can be powerful; finding balance between sentimental connection and the practical considerations can be difficult. Reflect on how often you’re using your second home and the memories it holds; do they align with your current lifestyle and goals? Maybe a different type of property makes sense? If you’re an absentee homeowner in a single family home and tired of the maintenance that comes with that, a nice condo where the HOA takes care of the monthly maintenance makes more sense for you at this stage. Maybe a lock and leave lifestyle is a better fit now.
Absentee Homeownership and home management can be a challenge at best. From the routine maintenance to unexpected repairs, being an absentee homeowner requires time, and diligence on your part. If the logistics of managing the property have become overwhelming or interfere with your peace of mind, selling might offer a more straightforward solution.
Deciding whether to sell your second home in Palm Desert or the Greater Palm Springs Valley, is a significant decision that requires careful consideration. Changing circumstances, increasing financial obligations, rental opportunities, market trends, and management challenges all play a role in your choice. As an absentee homeowner, staying informed and knowing your options will help you make your best decision. Whether you choose to hold on to your property, or put it on the market, we’re here to help. We’re happy to provide a market survey that includes your home’s value in this transitioning market. Call or Email Cathi today for more information.
by Cathi Walter
Broker Associate and LUXE Director with Bennion Deville Homes