Here’s the Smart Way to Buy a Second Home

Here’s the Smart Way to Buy a Second Home

When you buy a second home is an exciting investment, but it cannot be tackled lightly. Because a house is such a large purchase and long-term commitment, seriously exploring your second home options and maximizing its value is of the utmost importance. You may want to buy a vacation home that you retire to someday, or you might plan to rent it out to earn extra income. Whatever your reasons, keep these tips in mind to ensure that you make the best decision for you and your family.

Buy a Second Home: Pay Off Your First Mortgage First

Managing one mortgage can be challenging enough; when you introduce a second into the mix, you run the risk of losing both houses in the event of financial disaster. Mortgage rates and costs fluctuate, so you don’t want to invest in a second home now that becomes unaffordable later. According to Part Time Money, If you are still a long way from paying off your first home, leave the vacation house on your bucket list and invest your extra money into your current mortgage.

Pick a Good Location

Your second home gives you some opportunity to explore locales you may not have considered as permanent residences. Maybe you live in the suburbs and want a beach-front bungalow to vacation in during the summer, or perhaps you’re looking to buy a larger property with extra land that you can build on and expand as the years go by. Consider how the cost of living will change in the second home’s location and what impact the neighborhood will have on the property’s value in the future. According to Alex Garridos, make sure to always research the area carefully before buying so that you don’t make a bad investment.

Buy a Second Home: Define Your Goals

Owning a second house can have many benefits, including space for relatives to stay when they’re in town, tax write-offs and lineage. The primary use of your second home will have a large influence on the value of its overall investment. If you don’t intend to spend more than a few days a year in it, you may not find the cost worthwhile and prefer to rent instead. According to Priority Mortgage, where your second home is and how you use it impacts how much property tax you must pay and the type of homeowners insurance coverage you’ll need. Work with a real estate agent and a professional accountant to go over the numbers and explore your options. With time, assistance and personal research, you’ll ultimately be able to make the best investment for your life today and for years to come. Looking to buy that second home? Check out our listings!

 Steelbridge Realty LLC  is a Licensed Real Estate Brokerage that utilizes cutting-edge marketing techniques and data-driven Real Estate solutions in today’s ever-changing environment. Our group of professionals have decades of experience and have navigated through many business cycles. Our diverse background gives us the tools to guide people towards successful decisions.

 

$13,900
Land For Sale
Active
0.1842
ACRES
LEE
COUNTY
7030 Papaya- Was Penrose Ave
Bokeelia, FL 33922
SUNDIET VILLAGE Subdivision
$944,242
Land For Sale
Active
31.58
ACRES
LEE
COUNTY
Access Undetermined
Bokeelia, FL 33922
FOSTERS MRS LENA SUBDIVISION Subdivision
$335,000
Single Family Home For Sale
Active
3
BED
2
TOTAL BATHS
1,641
SQFT
15211 Torino Ln
Fort Myers, FL 33908
VENETIAN POINTE Subdivision
$30,000
Land For Sale
Active
1.08
ACRES
LEE
COUNTY
Corner Lot
Lehigh Acres, FL 33974
LEHIGH ACRES Subdivision
$89,900
Land For Sale
Active
0.3162
ACRES
LEE
COUNTY
4470 Seagrape Bend #25 Dr
Captiva, FL 33924
SAFETY HARBOR CLUB Subdivision
$304,900
Single Family Home For Sale
Active
1
BED
1
TOTAL BATHS
517
SQFT
Estero Beach And Tennis Club #PH2
7360 Estero Blvd Ph2
Fort Myers Beach, FL 33931
$7,000
Single Family Home For Sale
Active
2
BED
2
TOTAL BATHS
1,000
SQFT
11720 Coconut Plantation, Week 41, Unit 5285
Bonita Springs, FL 34134
HYATT COCONUT PLANTATION RESORT Subdivision
$10,000
Single Family Home For Sale
Active
2
BED
2
TOTAL BATHS
1,900
SQFT
South Seas Island Resort #1504 week 38
1501 South Seas Plantation Rd 1504 Week 38
Captiva, FL 33924
$4,000
Single Family Home For Sale
Active
2
BED
2
TOTAL BATHS
1,000
SQFT
11720 Coconut Plantation, Week 48, Unit 5190l
Bonita Springs, FL 34134
HYATT COCONUT PLANTATION RESORT Subdivision
$675,000
Single Family Home For Sale
Active
3
BED
4
TOTAL BATHS
3,852
SQFT
Riva Del Lago #PH32
14380 Riva Del Lago Dr Ph32
Fort Myers, FL 33907
$6,500
Single Family Home For Sale
Active
2
BED
2
TOTAL BATHS
1,000
SQFT
11720 Coconut Plantation, Week 34, Unit 5265
Bonita Springs, FL 34134
HYATT COCONUT PLANTATION RESORT Subdivision
$5,000
Single Family Home For Sale
Active
2
BED
2
TOTAL BATHS
1,000
SQFT
11720 Coconut Plantation, Week 37, Unit 5366
Bonita Springs, FL 34134
HYATT COCONUT PLANTATION RESORT Subdivision
$6,999
Single Family Home For Sale
Active
2
BED
2
TOTAL BATHS
1,000
SQFT
11720 Coconut Plantation, Week 43, Unit 5344l L L
Bonita Springs, FL 34134
HYATT COCONUT PLANTATION RESORT Subdivision
$8,900
Single Family Home For Sale
Active
2
BED
2
TOTAL BATHS
1,000
SQFT
11720 Coconut Plantation, Week 40, Unit 5248l
Bonita Springs, FL 34134
HYATT COCONUT PLANTATION RESORT Subdivision
$9,500
Single Family Home For Sale
Active
2
BED
2
TOTAL BATHS
1,000
SQFT
11720 Coconut Plantation, Week 41, Unit 5187
Bonita Springs, FL 34134
HYATT COCONUT PLANTATION RESORT Subdivision
Price Change - a week ago
$8,000
Single Family Home For Sale
Active
2
BED
2
TOTAL BATHS
1,000
SQFT
11720 Coconut Plantation, Week 51, Unit 5182l
Bonita Springs, FL 34134
HYATT COCONUT PLANTATION RESORT Subdivision
$5,500
Single Family Home For Sale
Active
2
BED
2
TOTAL BATHS
1,000
SQFT
11720 Coconut Plantation, Week 20, Unit 5284
Bonita Springs, FL 34134
HYATT COCONUT PLANTATION RESORT Subdivision
$6,500
Single Family Home For Sale
Active
2
BED
2
TOTAL BATHS
1,000
SQFT
11720 Coconut Plantation, Week 35, Unit 5248l
Bonita Springs, FL 34134
HYATT COCONUT PLANTATION RESORT Subdivision
$8,500
Single Family Home For Sale
Active
2
BED
2
TOTAL BATHS
1,000
SQFT
11720 Coconut Plantation, Week 34, Unit 5385
Bonita Springs, FL 34134
HYATT COCONUT PLANTATION RESORT Subdivision
$8,800
Single Family Home For Sale
Active
2
BED
2
TOTAL BATHS
1,000
SQFT
11720 Coconut Plantation, Week 37, Unit 5364
Bonita Springs, FL 34134
HYATT COCONUT PLANTATION RESORT Subdivision
 

 

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