Owning a second home is possible! However, there are a few things that you should consider when you’re thinking about buying and additional property:
1. Only buy what’s in your budget (A licensed loan officer like me can help you find exactly what you can afford). Click here for our budget calendar.
2. Don’t forget about added costs like home insurance, taxes, utility bills & maintenance.
3. Look for built homes versus empty land.
4. Steer clear of timeshares.
5. Hire a real estate agent locally (We have a ton of great suggestions for you).
6. Location, Location, Location – for best equity growth potential, pick the most desirable locale.
7. Consider how often you will be able to visit the property and what the maintenance/seasonal needs will be.
8. If you are considering a Condo or a property in a vacation area, check your HOA requirements and make sure their rental restrictions fit your intended use.
9. Keep things simple by Investing solo and avoid complications of buying a property with family or friends.
10. Make your enjoyment the priority and the payoff is always worth it!
Contact us for more information on how to gain funding for your second home.