Buying a Second Home
Buying a second home is a big decision and deserves a lot of
forethought. People often buy a second home to use it as a retreat
property in their favorite vacation destinations or to profit through
either renting it out or selling it later. One of the more mentionable
mistakes a first-time second home buyer makes is rushing into the
purchase. This may lead to buyers remorse and could even cost you money
in the long run. Today I will discussing with you a few things you can
do to minimize many of the problems that can arise with buying a second
home.
To begin, when buying a second home you should have plenty of disposable income and not a lot of debt. You don’t have to be in the top one percent of earners, however you should have a cushion of funds in your bank account worth at least six months of your second home’s rent if you are looking to get a loan. To get a good lender, you must be able to demonstrate that your finances are well maintained on paper.
Another important aspect to keep in mind is that of maintenance. Having a second home is a lot like having a second car that you don’t drive every day. It is easy to forget about it and let the dust settle. Some categories of maintenance you should keep in mind are that of house keeping, lawn maintenance and even yearly fees such as property taxes.
Keep in mind that when renting, a lot of the upkeep of the property is out of your control. In an article by U.S. News, one landlord offers some helpful advice by saying, “I’ve learned that it is critical to prepare for the worst, I’ve had tenants spray the inside of houses, start fires indoors and attempt to flush tennis balls down the toilet. It happens with both high and low-priced properties.”
Equally as important is your second homes physical upkeep. It is necessary to plan for the outside landscape maintenance, especially if you will be away from the home for long periods of time. Most towns have more than a few landscaping services to choose from. You may have to specify what days of the weeks you need them to come by, but this is all in the details. Having a good looking lawn will have your neighbors happy and keep the city off your back.
In the end, while landscape and general maintenance are both very important, don’t forget to take a step back and look at the big picture. Before jumping into purchasing a second home, ask yourself situation-dependent questions such as “Is it the right time to buy?”, “What are you looking for in a second home?” You should also explore all the finance options you can find before finally signing that dotted line.
If you’re looking to buy your first home, or a second home, in the Central Texas area, be sure to contact the Walker Texas REALTOR® Team today to discuss your needs! We’ll help you find exactly what you’re looking for in your ideal price range. We look forward to hearing from you!
What Should be Inspected Before Buying a Home
To begin, when buying a second home you should have plenty of disposable income and not a lot of debt. You don’t have to be in the top one percent of earners, however you should have a cushion of funds in your bank account worth at least six months of your second home’s rent if you are looking to get a loan. To get a good lender, you must be able to demonstrate that your finances are well maintained on paper.
Another important aspect to keep in mind is that of maintenance. Having a second home is a lot like having a second car that you don’t drive every day. It is easy to forget about it and let the dust settle. Some categories of maintenance you should keep in mind are that of house keeping, lawn maintenance and even yearly fees such as property taxes.
Keep in mind that when renting, a lot of the upkeep of the property is out of your control. In an article by U.S. News, one landlord offers some helpful advice by saying, “I’ve learned that it is critical to prepare for the worst, I’ve had tenants spray the inside of houses, start fires indoors and attempt to flush tennis balls down the toilet. It happens with both high and low-priced properties.”
Equally as important is your second homes physical upkeep. It is necessary to plan for the outside landscape maintenance, especially if you will be away from the home for long periods of time. Most towns have more than a few landscaping services to choose from. You may have to specify what days of the weeks you need them to come by, but this is all in the details. Having a good looking lawn will have your neighbors happy and keep the city off your back.
In the end, while landscape and general maintenance are both very important, don’t forget to take a step back and look at the big picture. Before jumping into purchasing a second home, ask yourself situation-dependent questions such as “Is it the right time to buy?”, “What are you looking for in a second home?” You should also explore all the finance options you can find before finally signing that dotted line.
If you’re looking to buy your first home, or a second home, in the Central Texas area, be sure to contact the Walker Texas REALTOR® Team today to discuss your needs! We’ll help you find exactly what you’re looking for in your ideal price range. We look forward to hearing from you!
What Should be Inspected Before Buying a Home
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