Buying A Second Home, Ep #12
Have you ever thought about buying a second home? What is it about owning a second home that interests you? Are you in it for the special getaway that it provides you and your spouse? Or maybe it’s for you and your grandchildren to make memories. Whatever your reason for buying a second home, I’m sure you have a ton of questions.
Buying a second home can provide you with a ton of helpful options when it comes to planning and preparing for your retirement years. To help you get a good handle on this critical topic, I’ve laid out some important factors for you to consider as you gather your information. Make sure you pay close attention to this informative episode - you don’t want to miss it!
You will want to hear this episode if you are interested in...
Can you afford a second home? [1:30]
The advantage of buying a second home used as a rental property [5:30]
Anticipating repairs and maintenance. [8:30]
Why your location is so critical [10:00]
Do you really want to be a landlord? [12:15]
Purchase options for your second home purchase [13:45]
Closing thoughts [16:00]
Can you afford a Second Home?
Sure, the idea of spreading out and having a vacation home or a rental property sounds great but can you really afford it? Are there any hidden costs that you should be aware of before you get too far down this path?
Start by identifying a particular house in the location you are interested in. What are the property taxes for that house? Is it in an association that has rules you need to factor into your decision making? Make sure you are aware of any special insurance policies that you might need to acquire for the location and condition of your new home. Next, you need to determine if you are going to pay in cash or through a mortgage - which one is better for your financial state? To learn more about this important topic and so much more, make sure to listen to this episode!
Making the right decision
It’s not easy trying to plan out how you want the next phase of your journey to go - there are so many questions! If you feel like you need more information before you make a big decision like purchasing a second home, you are not alone. I’ve had many of my clients approach me about this very topic and I’m always happy to share the options and opportunities! Before you decide if buying a second home is right for you and your family - consider your goals - where do you want to be during this next stage of life? Are you willing to go through the headache of being a landlord? Get more helpful insight into what it takes to buy a second home on this episode!
Resources & People Mentioned