Theres a new trend emerging in urban real estate markets across the country: co-primary residences. As homeowners react to the current environment, many who can afford to do so are keeping a home in the city that doesnt quite fit the traditional mold in ones real estate portfolio. Here are a few things to know about this recent trend and why it may become a long-term shift.
Not a Second Home
With the rise in remote work, the line between a primary residence and a second home has become increasingly blurred, a change that will likely only become more prevalent in the years to come. Rather than only using a vacation home intermittently, families are now able to spread their time equally between two separate homes. While some people may have left the city for good, its safe to assume that many will choose to have a co-primary residence there for various reasons.
Maintain Ties to the City
While the way that we view city life has undoubtedly changed for good, by no means is it a thing of the past. Advantages that range from quality healthcare to cultural institutions and access to airports will continue to hold their appeal in the future and provide enough reason for having a home in the heart of a metropolitan area. Furthermore, even with the increase in remote work, there are many jobs that still require maintaining a presence in the city.
More Than a Pied-a-Terre
Traditionally, its quite common for families living in a bedroom community to have a pied-a-terre in the city with a bedroom or two should they need to stay the night. A co-primary residence differs from this in that its suited to accommodate the entire family for extended periods, with all the necessary space and comforts to keep everyone happy.
Published with permission from RISMedia.
