There are many advantages to owning a second home that make it a worthwhile investment for many people. It can be a good opportunity for long-term profits or convenient vacation spot, not to mention the tax breaks you can snag along with it.
Investing in a second property is a process that should be done with a lot of forethought, research, and patience. Below are a few of the most important factors to keep in mind during your search, so you can be sure you’re making the best decision possible!
Before you can determine which property is going to meet the needs you have for your second home, you have to have an idea of what those needs are. Think about how you’re planning to use this space. Do you aim to retire here? Rent it out to vacationers? Use it as your own vacation home?
Once you’ve figured out what you’re using it for, you’ll be able to more effectively narrow down the type of spaces and features that will best fit your needs.
After you’ve decided on the why for your second home, it’s time to move on to the where. If you’re going to be using it as a vacation home, make sure you choose a location you know you’ll enjoy for years to come—not just a few seasons. If you’re planning on renting it out, consider which locations attract the widest pool of travelers.
Research the areas you’re looking at thoroughly, factoring in those long-term goals you’ve made. You need a location that either fits with your ideal lifestyle, or with the qualities that are most important to renters.
Being able to manage a down payment and mortgage for a second house doesn’t mean you can afford one. A second property is a long-term investment you have to be prepared to keep up with.
Beyond mortgage payments, you’ll also need to factor in taxes, insurance, security costs, maintenance and property management expenses, furnishings, any necessary repairs, and more. Consider whether you have a steady income to comfortably account for these costs, as well as any future plans that may impact your budget.
If you’re in the process of buying a second home, Dreamweaver Concierge can help alleviate some of your worries. We offer white glove house sitting services for an affordable price to help keep the costs of your second property down.
Contact us today to learn more about how we personalize our services to every client’s needs and take care of their home as if it’s our own!