Home Buyers 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!