The summer season tends to get all of us in a vacation state of mind. For some people, this could be the year you start to seriously consider purchasing a second home to use for your vacation or weekend getaway home. No matter if you are eyeing a small home on a lake in Wisconsin or a property right here in the heart of Chicago, it is important you walk into the process fully informed and educated. Here are a few things to consider as you begin the hunt for your vacation property.
Determine the Reason
People purchase a second home for a variety of reasons, but it is important for you to know what you will be using your property for. Do you think you will be there every weekend, or are you mainly looking to use the property for an AirBnB or other short-term rentals? If you choose to earn money from others using your home throughout the year, be sure you are ready to take on the extra work of making ready and cleaning up the space in between users (or have a plan to hire someone to help).
Second homes mean second mortgages. Be sure you are realistic about what you can afford each month to sustain your new property. In addition to mortgage and property taxes, you will have to take into consideration any additional work the property needs as well as furnishing the new home as well.
Know the Neighborhood
Be sure you take time to get to know the neighborhood or town you are seeking to purchase a home in. For example, if you are looking for a home on a quiet lake to fish or relax, make sure the options you are looking at are not too crowded or loud. For someone looking to purchase a home in the heart of a city, stroll your potential new neighborhood to gauge safety as well as access to parks, coffee shops, and public transportation.
Finally, as with any property purchase, work with an experienced real estate attorney. The team at Bell Law has decades of experience helping buyers and sellers get the most for their money. We can help decrease your stress by offering help throughout the purchase process, assuring your closing goes smoothly.
No matter if you are buying your first home or considering a second property, our team is here to advocate for your best interests. Call us today to get started.