Questions To Ask When Choosing A Second Home

28 February 2017
 Categories: Real Estate, Blog

If you are in the position of buying a second home for your family, the criteria for this new home may be different than the ones you used when you bought your primary home. Here are some additional things to consider when you're looking at homes for sale as a secondary home.

Who Will Use the Home?

Another thing to think about is who will be using the home. For example, will it be a private getaway home for you and your spouse, or will it be a place where you host large gatherings for friends and family? That will certainly affect the size of the space you need, and it may need to be bigger or smaller than your primary home.

Will it Be Rented?

You might also be looking at whether you can rent the home when you are not around. It's possible to do this either as a temporary, seasonal rental or as a nightly vacation home. When you're looking at an arrangement like this, it's a good idea to prioritize the factors that would make it an attractive vacation home. Things like the number of bedrooms and bathrooms as well as the amenities (think fireplace, pool, jacuzzi) are features that will attract renters to your property. It may also take a little bit of extra money to install the home security and electronic locking systems that you will need to be an effective vacation rental owner.

Will it Need Upkeep?

Finally, your home might need a lot of upkeep when you aren't around. If you live on the coast, there is a lot of maintenance that goes into cleaning seawater off of the home's structure. If you live in a risky area, there could be vandals and other issues that need to be looked into on a regular basis. Consider whether you might need to hire a property manager, especially if you plan to rent out the home. That cost should be factored in along with your potential mortgage payments on a property.

As you can see, there are many new considerations that come with buying homes for sale with the intention of keeping them as a second home. When you're speaking with a realtor about properties you might want to buy, see if they can't give you any insight into the factors above and how much they would affect the viability of buying that property.