Buying A Second Home: A Good Time For Second Home Purchase

You've owned a home for a number of years now. Maybe your career has taken off or you've come upon some good fortune and good money. Making a sound investment is probably on your mind. Some might say to invest in the stock market, while others could tell you to put that money into a retirement plan. Is buying a second home a good investment? Despite the recent distress of the real estate market you don’t want to overlook a second home purchase. If you are smart with a real estate investment it can pay huge dividends down the road.

• Look for an area of your state or country where the property values have been steady if not growing.
• Find a real estate agent local to the area in which you are looking to buy property. They will have the inside information on where to find the best investments.
• Consider what you want this property for? Is it going to be a vacation home? Will it be a rental property? Maybe you are looking to flip it in a few years and consider it an investment.

Is it the right time?

Before you even think about buying a second home remember the financial burden it will have on your bank account. Just because you can afford a second home doesn’t always mean you should. Remember that you will be making payments on two properties now. Still, owning a second home is common in today’s market and many people have to own another home out of necessity because their job or family requires it.

Use the internet

The internet is a great resource to find information on the housing market. We are fortunate to live in a time of instant information. By using a search engine such as Google  yahoo, or bing.com you can instantly find the latest property values local to that area of the country. If you dig a little deeper you can get a list of real estate agencies attached to those properties. You can even get a history of that properties value over time. This will help provide you with a scouting report of the area’s potential value in the future.

Go visit the area first

Visit the area first before making any purchase. Stay for the weekend, or week and scope out the lay of the land. Is it a safe neighborhood? How are the schools? Is there access to hospitals, shopping, and entertainment? What’s its location in relation to potential employment? One of the best ways to buy a second home is to personally interview the property. If you can bring someone who knows something about home repair this can help. Look over the home in the best detail you can and make sure there aren’t any red flags like a collapsing deck or some other costly repair that will add to the overall costs of the home in the future. Also look for the potential to make this home more valuable in the future. Is there room to add a pool or even a deck? Can more rooms be added? If it is an investment property you need to consider how you will invest in it in the future.

Whether you are buying a second home as a primary residence, or as some sort of investment, begin your research at www.real-estate-yogi.com. They have agents available any day of the week to advise you on your next investment. Call them directly at 1-800-987-1397.