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The Pros and Cons of Purchasing a Second Home

The thrill of purchasing any piece of real estate can be one of the most exciting times for the first time buyer to the seasoned investor! The current timing of the real estate market has proved to be a great opportunity for buying that second home at below bargain prices.

This is why skilled investors are looking for prime pieces of properties so they can generate additional revenue to their existing portfolios as well as supplement their current incomes. The decision to invest in a second or third home can be very lucrative or be a summer home in the mountains for the family to explore.

A Few Simple Steps:

  • Have you secured financing like getting pre-approved?
  • Retain a Realtor that will go to bat for you, like negotiating the best price and options!
  • Pay off all debt if at all possible and check your credit report to ensure it is correct and free of blemishes!

Many families enjoy being able to escape for family outings during the summer or winter months. Exploring opportunities to purchase a second home can save on the need to spend additional funds when vacationing. Another great advantage would be the tax benefits of owing another home! Or some savvy investors rent out their second home while they are not in use, what a great way to be resourceful and still have the luxuries of being able to escape anytime one wanted to!

The Pros and Cons of Purchasing a Second HomeSome factors to consider:

  • If this will be a rental, is it near all modern conveniences?
  • Will there be a property manager to collect, clean or deal with issues?
  • Is the property affordable at this time?

Today’s economy can be quite unpredictable and looking at purchasing a primary dwelling or second home can be quite intimidating if one’s current employment is unstable. Individuals today are looking for a more stable source of income and purchasing a second home would be one of the best ways to secure additional revenue.

Many look into condos, town homes  cottages or flats where they can combine resources with their families so they can always manage with the mortgage and still have the opportunity to purchase their own homes.

Is It A Seller’s Market?

  • A beautifully maintained front and back yard is an absolute must!
  • Potential buyers like to see an orderly and clean environment
  • Is your home priced correctly?

For the homeowner that wishes to sell their home, this could be the best time to list their property as the real estate market has been showing signs of improvement over the last year or two. Buyers are much more comfortable with purchasing a home now more than ever as the economy have shown signs of an improvement.

If your thinking about putting your home on the market, consider some trade secrets like ‘staging’ your home. This gives buyers ideas on what ‘their’ new home could look like and professionals in this arena know how to combine coloring, appropriate pieces of furniture as well as create a serene environment.

This kind of setting can increase the chances of multiple offers as well as increase the price in some instances! Studies have shown that homes that have been sitting on the market for extended periods of time can greatly increase their chances of selling their homes within a few short weeks!

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