Due to the economic downturn, it is now possible to snap up a nice weekend home in Woodstock, NY for far less than an apartment in Manhattan. With time and the expectation of economic recovery, it could be a great investment idea. However, one has to consider the future: If personal conditions change, how difficult would it be to sell the property? Could it be rented if there was no immediate market for it? Every asset purchase needs an exit strategy, and a weekend home is no different.
Investment value aside, the lifestyle value is the real motivation for buying a Pied-à-terre.
Lifestyle value typically falls into the category of either “running to” or “running from” when making a value assessment. The first group wants a weekend home they can run to, a place that offers something special that their ordinary home does not. These buyers tend to have specific criteria in mind for their getaway, and it has to offer something special to make it worthwhile. Their emotional need is for an escape to something special.
In contrast is the segment of buyers who are “running from.” For this group, the specific amenities or details of their purchase are perhaps not as important with respect to what it has, but rather what it does not have. They tend to be people who want an escape from stress, discomfort, or the familiar in their normal world, or perhaps acquire an anonymity unavailable where they live and work. Their emotional need is for escape from a specific spot, not to get to a specific spot.
The difference between these two points of view is profound in terms of financial investment. It is much more difficult for the “running to” buyer to locate a good financial investment and still meeting their specific needs. The “running from” buyer tends to have a more open set of criteria and acceptable locations, and is thus able to purchase an acceptable place that offers better investment value. A careful evaluation of needs and desires will help the buyer make a much more considered and better investment decision.
Finally, consider the issues of distance and transportation. The ideal weekend home is close enough for ease of commute, yet distant enough to insulate and provide a sense of change. A home too far away runs the risk of neglect due to distance and travel time, while the place too close might not provide enough of an escape. Whether running to or running from, an investment like this deserves to be used and enjoyed, so choose wisely.
Regardless of what motivates one to consider purchasing a weekend home, Woodstock offers options to satisfy even the most discerning home buyer. With all that Woodstock has to offer, it’s no surprise that it remains one of the most popular weekend home destinations in the Catskills and Hudson Valley.
Whether you’re looking for a new home, a second home, weekender, or a country retreat….. start your search for Woodstock NY Real Estate here!
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