Factors to Consider Before You Buy a Second House

by Don Russell 06/23/2019

The decision to purchase a second home may be one of the biggest choices you will make in your lifetime. As such, it is important to consider all of the factors associated with a house purchase before you embark on a quest to acquire a second residence.

Now, let's take a look at three key factors to evaluate as you weigh the pros and cons of purchasing a second home.

1. Your Current House

Consider the state of your current house – you will be happy you did. If you assess your current residence, you may be better equipped than ever before to determine if now is a good time to start a search for a second house.

For instance, if your home needs a new roof or requires other repairs, you may want to complete these improvements first. After these house repairs are finished, you then can kick off a search for your second house. Perhaps most importantly, you can launch this home search with the reassurance that your current house is in good shape and likely won't require significant repairs in the near future.

2. Your Finances

If you still have a mortgage on your current house, you may want to focus on paying that off first. Once your mortgage is paid in full, you can conduct a search for a second house without having to worry about paying two mortgages at once.

Of course, if your current house's mortgage is paid in full, you should still evaluate your finances closely. Ensure you have sufficient finances to cover a mortgage for a second house, as well as your everyday expenses. By doing so, you can hone your search for a second house to residences that fall within your price range.

3. Your Immediate and Long-Term Plans

Think about why you want to buy a second home in the first place. Then, you can determine how this decision may impact your immediate and long-term term plans.

For example, if you want to return to college, buying a second home may affect how much money you have at your disposal that you can use to go back to school. On the other hand, if you hope to get a work promotion in the foreseeable future, you soon may have additional funds to help you make your dream of owning a second home come true.

As you decide whether to launch the search for a second house, take some time to consult with a real estate agent. A real estate agent is a homebuying expert, and he or she can provide housing market insights that you may struggle to obtain elsewhere. Plus, a real estate agent will guide you along the homebuying journey and can help you acquire a top-notch house at a budget-friendly price.

Account for these factors before you start your search, that way you can make an informed decision about whether now is the ideal time to pursue a second residence.

About the Author
Author

Don Russell

Originally from the San Francisco Bay Area, Don holds a Bachelor's Degree from the University of California At Berkeley. He has spent his career as a Real Estate and Development professional on the West Coast of the US, as well as holding many executive Real Estate positions with a large multi-national company. He speaks and reads Spanish fluently.

Don spent more than 15 years of his career living and working in Latin America and the Caribbean. In the late 1990's, he returned from living in Mexico City to reside and work out of South Florida. This was his first taste of the "Florida lifestyle" and he was "hooked". Prior to his last foreign venture in Los Cabos, Mexico, Don lived in South Beach, Palm Beach and Amelia Island, Florida.

In Los Cabos, Don oversaw the development of a large high-end golf course community. He was directly or indirectly responsible for the sales and development of many high-end oceanfront properties ranging from $5 to $10 million. Having a Real Estate and Development/Construction background all woven into one professional, Don was able to provide the necessary daily attention to detail to all aspects of his projects and maintain excellent relationships with the buyers. Known for his organizational skills, great communication skills and follow-up, he was always receiving great accolades from all parties involved in his work.

After more than 5 years in Los Cabos, Don made the decision it was time to return to the states. As in the past, Florida was harkening to him in the back of his mind. so he set out for a new adventure. A friend suggested he come take a look at the West Coast of Florida, particularly Sarasota, and after one trip, that new adventure started!

After moving to Sarasota 5 years ago, Don obtained his Florida Real Estate License and became a member of the industry in Sarasota. As your professional Realtor, whether you are buying or selling, Don will provide you with the best service available in the marketplace. Whether you are relocating to the Sarasota area or already living in this wonderful area, Don is here to make your Real Estate goals happen hassle free! Se habla Espanol!