People purchase a second home for a multitude of reasons. Some are looking to have a home in a different climate, some are looking to have a home in the spot they’ve always vacationed, and some want another home closer to family. In fact, roughly 5.1 million people own a second home and with more work from home flexibility for employees, that number will only increase. No matter the reason, there are certain steps you should take before you begin the buying process.
Keep Your Budget in Mind
Before anything else, it is imperative to know what you can afford. By figuring out your budget from the start, you’ll be more likely to stay within your limits. A mortgage lender is a great resource when finalizing your budget. They can provide you with some insight into the correct loan program and rates that work best for your situation.
Know What Features you Want in the Home
Do you want a home with a pool or a private yard? How many bedrooms do you need? Will you need a garage and/or a basement? Answering questions like these can help you to refine your home search. By knowing what you want when you begin, it can help to weed out homes that don’t fit your criteria. Consider making two lists: your needs and your wants. Your “needs” should be the non-negotiable things you need in a home to best fit your lifestyle. Your “wants” should be the things that may not be in every home you see but are a nice addition if it happens to be part of the home.
The Importance of Location
Is it important to have a home within driving distance of your primary home or are you okay with a plane ride? Are you looking to be closer to the beach or the mountains? Knowing your ideal location is key in your home search. Based on that location you have in mind, it’s important to decide if you’d like to purchase a home in a condo complex, gated community, a neighborhood, or something else. If looking into a condo complex or gated community, be sure to check out any rules or regulations put in place by the HOA or condo association to make sure it fits your needs and lifestyle.
Work With the Best
A REALTOR® always works with your best interest in mind and will strive to ensure the entire process is smooth from start to finish. From the initial meeting to the closing table, your REALTOR® will make sure you understand each step and will work to get you the best deal for your situation. If your home is in a different location than your primary home, your REALTOR® can be a great resource regarding the local area – from restaurants to parks, to other local attractions – they can provide some great insight about the town or city you’re looking in!