photo credit: Go Card USA
For some, buying a second home is a dream; weekends at the lake house, long vacations skiing at the cabin, a hunting shack up north. But when you’re faced with the possibility of making that dream a reality will you know what you’re getting in to? If you want to make the best decision about a second home, follow the tips below.
Are your dreams realistic? You may dream of getting away, but you never actually have the time. Or you may hate the winters where you live and a second home in another climate may be more practical for your lifestyle. Whatever the dream, take some time to think it through thoroughly.
Understand the costs. Make sure you fully understand all of the expenses associated with a second home, not just the mortgage but any additional expenses including maintenance and upkeep.
Look to the future. Consider where you’ll be in 5, 10, 20 years. Will you still be using your second home? Will you be renting it? Or are you looking to make a profit and flip the home eventually? Whatever your future goals are, you need to realistically consider them when making that second home purchase as they can affect the type of home and the location you ultimately select.
Second home purchases shouldn’t be taken lightly as they can dramatically affect your financial stability. Consider all aspects of a vacation property before you make any decisions.