As the others have said talk to your accountant for starters, if you don't have or need one, then it is up to you. We are seeing a lot of individuals up buying properties due to the discounted prices. Most of the buyer's I have been dealing with are looking long term, so you are getting more home than you would a few years ago.
There is not a better time to buy than now, especially if you are patient, watch the market, utiilize your Realtor and when the time is right buy that perfect distressed property and hopefully with some instant equity!
Best of Luck!
We like your way of thinking. .........
But this all depends upon your personal financial situation. There are so many real estate opportunities in today's market, it's hard to pass up the home that passes from a "deal" to a "steal."
A visit with an accountant may help you clarify your options, but without looking at the numbers, you are heading in the right direction...
Good luck & Happy Holidays
Good question. I advise you to talk to your accountant and make a decision based on your assets and abilities. There are certain tax advantages associated with a rental, as well as maintenance issues, securing the right tenants, etc. Just make sure you are making the right move for you.
Also I would like to invite all who read this to do the same with my compliments.
The obvious answer is YES, its a great idea. (thats without knowing your financial situation)
Have you read Rich Dad Poor Dad?
I have a great idea ... lets see what great options we have in the Central Florida Market to help you begin building more wealth ...
I am looking forward to your reply (Lee@LeeRosa.com)
But seriously, what would be the point of purchasing a second home? Are you unsatisfied with your current home, or looking to "move" up and don't want to sell your current home in this market? Are you just looking to purchase an investment because the market is down?
You are certainly in a good position to purchase additional property with your current home paid off, but just because you can doesn't mean that you should. Tell us a little more about your situation.