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Buying a Second Home
The decision to purchase a second home may be a ideal investment for many reasons. You may gain financially
by using it as an income producing property. In other cases, having vacation home in another state may prove
to have its own rewards. Please consider the following list as a starting point in selecting your second home.
1. Property preference: what are the benefits of a single-family residence, townhouse, and condo?
2. Financially Obligations: Can you really afford a second home?
Can you really afford two mortgages?
What are the taxes ramifications of owning two homes, perhaps in two different states?
Have you considered the insurance and monthly expenses associated with a second home?
3. Location, Location, Location: What's the benefit of having the second home in a particular location?
Who wants to rent in a bad location and who wants to vacation in an unsafe community?
Would potential investors want to take the risk of buying a property that may not sell in the future?
Convenience and amenities are king, so will you have to give up one to achieved the other?
The quality of local schools and local economy is a good indicator of future growth, so do your research.
What are the current trends in house resale values in the area you are considering?
4. Tax Break, or Burden: Consider the local taxes requirements and how it will affect your income taxes.
5. Short-term & Long-term, What’s your investment goals
How will you finance a second home?
How will the debt service affect your cash flow?
Will you retirement goals remain on tract?
Have you considered a pool of buyers for a vacation home and share the home?
Will you rent out the property: what are the pros and cons and legal ramifications
of becoming a landlord?
Wilford Vales Realty can get you the answers you need!