Are you buying a new home? Here are some issues to consider previous let’s see:
From single professionals, or families that grow up, to retirees and families without dependent children, people buy a second home for a variety of reasons: vacations, rental income or a place to be close to the family. Beyond whatever your reason, here are five things to consider before buying a second home.
The cost of housing: evaluate the purchase price of the home or condominium, as well as what will need to maintain and manage. Add all expenses, including mortgage, taxes, and insurance, utilities, and maintenance costs and owners association charges.
The location of the house: determine the time it takes to travel between two homes and the difficulty of getting your second home. In addition, add up the additional expenses of activities such as skiing, golf and sailing.
The purpose of a second home: if you plan to use your second home for you, think how often will go and for how long. If you do not plan to spend a lot of time there, you may want to rent a place.
The tax benefits of a second home: the tax rate property may depend on the use that gives the place as it can receive tax benefits to rent your property for a certain period of the year. Consult a professional before finalizing the purchase.
Plan for your absence: when the house is unoccupied, think about hiring a home or additional security. Do you have relatives or friends nearby who can monitor the home? Check what resources are available in the area before making the purchase.
Learn more about how to purchase a second home. And if you’re ready to purchase, find more information on applying for a mortgage.