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American Craftsman house with detached secondary suite. A secondary suite (also known as a accessory dwelling unit (ADU), in-law apartment, granny flat, granny annex or garden suite [1]) is a self-contained apartments, cottages, or small residential units, that is located on a property that has a separate main, single-family home, duplex, or other residential unit.
Second home mortgage requirements can be more strict than mortgage requirements for your first home. For example, many lenders require you to put at least 10 percent down on a second home.
A second home can also act as a buy-and-hold investment — real estate does tend to appreciate in value over time — and be a valuable asset to pass on to heirs.
According to the National Association of Home Builders, "the total count of second homes was 7.15 million in 2020, accounting for 5.11% of the total housing stock." To some people, even a first ...
In the city of Montreal, Quebec, Canada's second-most populous municipality, only 7.5% of the population lived in single-detached homes; in contrast, in the city of Calgary, the third-most populous, 57.8% did. [3] Note that this includes the "city limits" populations only, not the wider region.
Second home or Second Home may refer to: Dacha, a type of non-primary residence found in Russia and post-Soviet countries; Holiday cottage, a non-primary residence owned for tourism reasons; Move-up home, a house purchased when selling a starter home; Pied-à-terre, a non-primary residence generally found in urban centers
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