I'm Looking For a Second Home
Thinking About Buying a Second Home
Have the urge to splurge on a second place to call home? A second home can be a fitting way to celebrate retirement or simply a good investment. Do a little soul searching before you make the purchase.
What is the Purpose of the Second Home?
Are you in search of a resort property to make extra income? Do you want to establish roots in a secondary location for tuition or housing purposes for your college-aged child? Whatever the case may be, consider every possible hiccup. Make sure the property you are buying doesn’t have any homeowner association restrictions against renting the property to others. If you are purchasing a property for tuition purposes, find out how long you have to establish residency before taking advantage of in-state tuition (it might take over a year).
Are You Financially Prepared?
Consider all of the expenses related to a second home. Have you budgeted for the cost of furnishing it and doing any necessary repairs? Have you anticipated taxes and homeowner fees? Have you considered the cost of traveling to the second home? Will you need to hire a caretaker for the property maintenance when you are not there? Consider weather-related issues like flooding and subzero temperatures that could cause major problems if you don’t have someone there to troubleshoot.
Have you Talked to a Professional?
A real estate broker can help you navigate this new opportunity with area expertise, financial know-how and local connections. Get some perspective from a professional who has worked with other clients like you.