LendingTree’s latest survey of secondary homeowners finds that many haven’t been able to make good use of their property. Almost half feel guilty that they don’t use their vacation home as much as they’d like, and one in four even regrets their decision to buy.
To find out attitudes about second homes, LendingTree commissioned a survey of consumers who own, or have owned, an additional home outside of their primary residence. They hoped to identify trends and gather sentiments about a decision to own multiple properties.
- When it comes to additional homes, investment properties are most popular. Investment properties account for 39% of secondary homes, followed by vacation homes (36%) and rental properties (26%).
- About 1 in 2 vacation homeowners (49%) feel guilty about not using their home as much as they intended, and more than a third (37%) only use their vacation home once a year or less.
- More than half (56%) of vacation homeowners bought their home intending to rent it out.
- Just under a third (30%) of people who own or formerly owned an additional home – whether a vacation, investment or rental property – rent it out year-round, while about 4 in 10 (41%) don’t rent out their additional home at all.
- Of those who decided to sell their additional home, 31% said they did so primarily because they didn’t use it often.
- More than a third (36%) of vacation homeowners report they vacationed in an area for one to three years before buying their home.
To view the full report, visit LendingTree’s website.
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