Buying a second home is a big commitment and we want to make sure you’re ready to take that step. Whether you’re looking to purchase an investment property or a house at your favorite vacation spot there are a few things to consider before taking the plunge. Check out this list of things to talk through before buying a second home. (And keep an eye on our newest listings available first on Results.net)
Consider the costs
First and foremost you need to consider the costs that go into buying a second home. for example, you will need to pay for utilities and maintenance on two homes. Homeowners insurance can sometimes cost more on a second home than your primary home as well. Remember to take into consideration travel costs if you are buying a vacation home that is far from your current home.
Create a budget
After reviewing the separate costs it is time to set your budget. It is important to know how much cash you will need on hand and how much you will be able to borrow. Reach out to a loan officer to see how much you can afford to spend on your second home.
Get to know the area
It’s always a good idea to spend some time in the area you are considering buying in. Whether it is for your own vacation home or an investment property it is important to know the area. It can better help you market your investment property or if you are purchasing for yourself it can bring a level of comfort to moving.
Talk with a real estate agent
Reach out to your favorite agent at RE/MAX Results to talk about what you’re looking for in your second home. They can give you useful information about the area(s) in which you are looking to buy.
Decide on renting your home
If you are purchasing an investment property this speaks for itself but if you are purchasing a vacation home you might want to consider renting it out when you are not there to help with the mortgage and other costs you might have.