You love your home, but in this day and age, many homeowners have considered and dreamed about owning a second home whether it is for vacation getaways with the family, as an investment, or perhaps somewhere to live after retirement. Whatever your motives there are some important things to consider before purchasing your second home.
The first step in deciding on your new home is to determine whether it will make financial sense. There are ongoing expenses when purchasing a second home that you may not realize, such as the up keep on the house is a bit more since you won’t be living there full time. You many need to hire a management company to look after your home. You’ll need to have hazard insurance to protect your home and this can add up. It is a good idea to determine how much you will need to cover these expenses in addition to your current home, and if you build up a cash reserve for the second home that can alleviate a lot of stress on you.
Deciding where you would like your second home to be located is important. Will this be in a retirement community or a vacation hot spot? Will it be a single family house or a townhome or condo? These are all important factors to consider. Living in a vacation area perhaps you can rent out the property to recoup some of the expenses. If it is in a retirement community you have to consider resale value too. Condos and townhomes can cut down on some of the upkeep you may have as these type of homes are part of associations which will maintain common areas. Of course there will be a monthly fee for this, but probably less than a single family home’s upkeep.
With the right planning you can have the second home of your dreams along with that beautiful first home that you love so much!
Call us with all of your questions! Chris 480-754-9077 & Cheryl 480-754-9477