A second home purchase can be a big decision and whether it is because you are purchasing the home for a family vacation spot, rental property or selling it to make more of a profit, you still need to go into the purchase with a clear mind because you are investing in your retirement any way you look at it. I have compiled a list of tips that will help you get ready to purchase your second home and make the transaction very smooth.
Research where you would like your second home to be located at. The best way to do this is to one stay there for a while, week at the most, to see if this location is the best one for you. While you are there check out their local government office for information on crime rates, tourist possibilities, tax information, and anything else your local government can give you.
Now you have your place, you need to decide what type of home you are wanting. Will this be a vacation home or maybe a rental property?
Alright, you have got the place, and the type of home you are needing. Now you are going to have to figure in your budget. What can you honestly afford without putting a hole in your pocket. Make sure once you have settled on a price, try to actually find something at least $300 under your budget so you are not always broke!
Just to not get your hopes up, have a back up location. You do not want to go search for a home in West Palm Beach on a budget for Puduka, Kentucky.
Do not be a brave soul and venture out into the new town by yourself. Contact a local real estate agent and let them know what you are looking for and what you need from them. Remember they are going to work with you well right now because they do not make any money unless they sell you that house.
Also a great thing to know is when you check out your location, be sure to include the activities in that area. You do not want to live in a place that does not offer any facilities for the activities you love to enjoy.
Distance is another key factor when choosing a second home. Make sure the location is not across the country because this will put a strain on your wallet having to travel back and forth!
Before you actually sign your name on the dotted line, make sure the whole feel about the house, the location and the process sits right with you. If you do not have the 110% positive feeling then walk away, and start from scratch!