Second homes losing appeal among the rich
New Survey Reveals Ongoing Maintenance Is the Biggest Barrier to Second Home Ownership
62% say upkeep and hassle would stop them from buying a second home, even if money were no object
A new survey conducted by luxury co-ownership platform Equity Residences has revealed that the practical realities of owning a second home outweigh even financial considerations for many buyers.
The survey of 1,000 individuals with an interest in second home ownership found that 62% cited “ongoing maintenance and hassle” as the primary reason they would hesitate to purchase a second property, even in a scenario where cost was not a concern.
The findings suggest a growing shift in priorities among luxury buyers, with convenience, flexibility and reduced administrative burden becoming increasingly important in the prime residential market.
Respondents were asked:
“If money were no object, what would stop you from buying a second home?”
The results were:
- Ongoing maintenance and hassle — 62%
- Being tied to one destination — 15%
- Cost of ownership — 15%
- I’d rather invest elsewhere — 8%
The poll was conducted among Equity Residences’ LinkedIn audience and supplemented with broader survey outreach targeting prospective and existing second-home owners within the mass affluent demographic.
Greg Salley, Founder and Managing Director of Equity Residences, commented:
“There is a growing recognition among affluent buyers that luxury today is as much about convenience and flexibility as it is about ownership itself. While second homes remain highly desirable, many buyers are questioning whether the upkeep, administration and long-term commitment align with the lifestyle they want.”
The findings come as alternative ownership models, including luxury co-ownership and professionally managed residence clubs, continue to gain traction among buyers seeking access to multiple destinations without the operational burden traditionally associated with second homes.
Industry analysts have noted increasing demand for “lock-up-and-leave” properties and flexible ownership structures across key prime residential markets, particularly among internationally mobile professionals and younger affluent buyers prioritising experience-led lifestyles.
Greg added:
“Affluent consumers are increasingly focused on how they spend their time. The idea of owning a property that requires constant maintenance, staffing and oversight is becoming less attractive when compared to more flexible luxury travel and ownership models.”
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