Tips When Shopping for a Second Home

What to Keep in Mind When Shopping for Another Home​

Hello HomeHunters! Do you own a home and are interested in buying another? Here at HomeHunt, we understand the financial commitment involved in buying a house and will help you shop successfully. Here are some tips and important things to know when buying a second property.

Evaluate Your Second Home Goals​

Before you buy, assess your current and long-term goals. Be realistic about the type of home that will fit your lifestyle. Is this home going to be used as a weekend getaway or retirement spot? Regardless, make sure the home will suit your needs and future expectations.

Find the Right Location​

It is important to get to know the area you want to potentially live in before you commit to buying. If you are looking at a location that you are familiar with during the summer months, make sure to see what it is like year-round. It is also important to compare the costs of properties in your desired location and to visit similar towns that may be less expensive. A few towns over may have exactly what you are looking for at a much lower price.

Hire a Local Real Estate Agent​

When buying a home outside the current area you live in, it is smart to hire a local real estate agent to help you find properties within your budget. A local agent can help you get to know the area and advise you on the best places to live.

Understand Your Mortgage Options​

Before you begin the mortgage process, decide if you can take on the full responsibility of a second mortgage. This will depend on if you have a stable income and an emergency fund for problems in the future. A home also comes with its fair share of additional expenses, including property taxes, insurance, and maintenance. Review your finances before committing to another large purchase.

A professional home loan officer can help you understand available loan options and costs. You may be able to get a lower interest rate if you put down a large down payment, preferably 20%. Your lender will look at your current financial situation and advise you on the type of loan that is best for you. Investment properties will typically require a more expensive mortgage due to it being a high-risk purchase. If the home is seen as a vacation property, mortgage conditions will be nearly the same as primary home mortgages.

Purchasing a home is an exciting experience and one that requires a team of professional experts to make your dream a reality. Contact HomeHunt today to get started!


Related Posts