Here are a few things you should know about buying a second property.
Are you considering buying a vacation home or investment property? Many people realized the benefits of a vacation home during the pandemic, and for good reason. It’s a great time to buy not only because of the low interest rates but also because experts like Dave Ramsey expect home prices to keep increasing. If you wait any longer, it might get more and more expensive.
If you’re thinking about buying another house, you should think about your lifestyle and budget. Are you just looking for a home in a different area or something completely different? Keep in mind that you might be able to rent out that property part-time. Just make sure to check with the HOA first to see if it’s allowed in that community.
“Don’t wait for the market to turn because it might not.”
No matter what, you should consult your financial advisor and make sure buying a seasonal home makes sense for your portfolio. It should be a good investment since the median price for seasonal homes increased by 21% in 2020, and, as mentioned before, they are continuing to increase. Remember to factor in the condition of the home and the maintenance costs.
The No. 1 second-home market is in Florida, but Oklahoma’s second-home market is good too. I network with great Realtors who specialize in markets worldwide. If you reach out to me, I can connect you with someone great wherever you are looking to buy.
Don’t wait for the market to turn—it might not. Give me a call so we can schedule a confidential appointment and get you on your way to owning that second property.
