Having a second home gives you your own personal getaway that you can visit whenever you have a chance. When it comes to buying a second home, though, there are a few things to keep in mind.
Consider the following points if you’re thinking of getting a vacation home:
- Shop around. It’s tempting to buy a second home in a vacation spot that you fell in love with, but you could be missing out on even better spots or better deals elsewhere. Look around in different locations to see if something better comes along before purchasing a second home.
- Plan on owning it for awhile. In order to make your purchase a good investment, plan on owning it for at least ten years. Make sure you buy a home in an area that you’ll be able to get to several times throughout the year. Otherwise, buying a second home might not be a worthwhile investment.
- Factor insurance costs into your budget. Second homes can cost quite a bit in insurance if you need coverage for wind or flood damage, such as in hurricane-prone areas.
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Having a vacation home to go to on weekends saves you the hassle of booking a room when you want to get away. With more demand for these homes in recent years, it’s a good time to consider buying a vacation home.
Keep these tips in mind when you start your search:
- Save up money. Many buyers pay for their vacation home in cash. This isn’t a requirement, but it could boost your chances of finding and buying a home more quickly.
- Have enough for a down payment. If you can’t pay cash for a vacation home, at least have a large enough sum of money set aside for a down payment. Plan on having around 30 percent in savings for this.
- Consider buying a foreclosure or doing a short sale. A large percentage of vacation home buyers end up saving money through short sales or foreclosure purchases. These are more complex ways of buying a home, so you’ll need the help of a good realtor if you plan on going this route.
Ready to start searching for a vacation home? Contact United Real Estate, and follow us on Facebook.