10 Tips for Buying a Second Home

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• Home owners who stuck with their mortgage obligations throughout the recession and beyond are now enjoying the advantages of incredible credit. Banks and lending organizations make buying a first home difficult, but those who have proof that they pay their bills on time month after month and year after year and now have assets can easily get financing for a second home.

• Demand for second homes is on the rise, especially in coastal regions. Homeowners can easily take advantage of sluggish markets, low interest rates and good opportunities. Whether you are investing to make a profit or to make your dream come true, follow these 10 smart investing tips for the best outcome:

1. Know the area where you want to make a purchase. Do you have roots there? How about friends? Do you spend enough time there to warrant a major purchase? If your only experience in the area is vacation, pause before you buy. Get a good look at the town from a resident’s perspective. Certainly speak with locals about the advantages and disadvantages to home ownership and life in the area.

2. Take your time before making a decision. A second home purchase is a weighty decision and cannot be made lightly. Do your research and try to get insider information about new businesses and development plans coming to locations near your prospective vacation home. This is essential to ensuring you are making the type of investment you want to make.

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3. Set your goals for the future and evaluate if this purchase is in line with those goals. Is this second home going to be a primary residence after retirement? If so, this limits your purchase options. Additionally, you will need to look into healthcare service availability for the future and the home’s handicap accessibility.

4. Analyze your purchase options. You could lower your costs by purchasing a timeshare or fractionalized ownership. Keep in mind that by doing this, you are limiting when and for how long you are allowed to use your vacation home. You will have to work with others on scheduling usage.

5. Compare housing types. Which one is right for you? A home’s construction material is important when considering maintenance costs for the future. Remodeling or handicap friendly installations are expensive too. Proximity to neighbors, jobs, schools and entertainment are important as well.

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6 Speak with local real estate experts. A good agent can help you find the home of your dreams, but also gives you the low-down on the local culture and reality of living in the area.

7 Take your time choosing a lender. The financial markets are continuously evolving and are able to offer new rates or special incentives based upon market fluctuations.

8 Seek out and identify hidden costs and requirements. Is your dream home located in an area controlled by an HOA? Will you be required to purchase a country club membership as a part of living within a community? Be sure to calculate insurance and tax costs too. Remember that the average home

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9 What are the tax implications of purchasing a second home? The HouseValueStore.com suggests that you speak with a CPA before making a purchase, especially if your investment property will be occupied by renters.

10 Decide whether or not you want to rent your vacation home to others or not. Rental incomes can be exceptional during tourist seasons, and your investment may pay for itself if you are smart about it.

• A second home can be an excellent investment for those in a position to take full advantage of their purchase. Take your time, be smart, and your investment will pay off for decades to come.

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