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If you have been toying with the idea of buying a second home, now could be a good time to take the leap. Interest rates are still low, and home prices are rising but within reach.
Ready to buy a vacation home? Check out the lowest mortgage rates.
Scouting the market
One way to start the search for a second home is to find a real estate agent who is familiar with your desired location. This partner could fill you in on aspects such as weather and traffic patterns, help you evaluate the location and amenities of a property and provide information about comparable sales.
And, with an eye to the long-term value of the property, the agent could fill you in on historical prices and how comparable sales have fared, as well as resale prospects. Factors that tend to have a positive impact are proximity to a major metropolitan area, ease of access and availability of four-season amenities.
If you’ve already decided on a location, start searching for a mortgage that fits your needs.
Gauging your return
With the motivation of quick property flipping largely behind us, second-home buyers nowadays are more geared to enjoying their property rather than looking for a quick return on investment.
Still, you should consider that you will be away from the property much of the time and factor in additional maintenance costs, such as having a management company check for water leaks or frozen pipes.
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