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.

 

New Listing - yesterday
$3,400,000
Single Family Home For Sale
Active
4
BED
6
TOTAL BATHS
5,800
SQFT
1226 Miracle Ln
Fort Myers, FL 33901
BECKLERS RIVERSIDE ADD Subdivision
$1,800,000
Single Family Home For Sale
Active
5
BED
6
TOTAL BATHS
5,740
SQFT
3560 Stuart Ct
Fort Myers, FL 33901
STUART SUBDIVISION Subdivision
$745,000
Single Family Home For Sale
Pending With Contingencies
5
BED
4
TOTAL BATHS
3,730
SQFT
1225 Osceola Dr
Fort Myers, FL 33901
RIVERSIDE Subdivision
$3,800,000
Single Family Home For Sale
Active
6
BED
8
TOTAL BATHS
8,600
SQFT
1210 Gasparilla Dr
Fort Myers, FL 33901
YORK MANOR Subdivision
$579,000
Single Family Home For Sale
Pending With Contingencies
3
BED
3
TOTAL BATHS
2,006
SQFT
1235 Osceola Dr
Fort Myers, FL 33901
RIVERSIDE Subdivision
$15,950,000
Single Family Home For Sale
Active
6
BED
11
TOTAL BATHS
10,493
SQFT
1240 Coconut Dr
Fort Myers, FL 33901
PALM GARDENS Subdivision
New Listing - 4 weeks online
$449,000
Land For Sale
Pending
0.633
ACRES
LEE
COUNTY
1233 Braman Ave
Fort Myers, FL 33901
FORT MYERS Subdivision
$950,000
Single Family Home For Sale
Pending
5
BED
5
TOTAL BATHS
4,015
SQFT
1250 Gasparilla Dr
Fort Myers, FL 33901
YORK MANOR Subdivision
Price Change - 6 days ago
$799,999
Single Family Home For Sale
Active
4
BED
3
TOTAL BATHS
3,564
SQFT
1307 Plumosa Dr
Fort Myers, FL 33901
RIVERSIDE Subdivision
$799,000
Single Family Home For Sale
Active
5
BED
4
TOTAL BATHS
4,320
SQFT
1254 Braman Ave
Fort Myers, FL 33901
BECKLERS RIVERSIDE ADD Subdivision
New Listing - 6 days online
$819,900
Single Family Home For Sale
Active
4
BED
4
TOTAL BATHS
4,027
SQFT
1323 Florida Ave
Fort Myers, FL 33901
YORK MANOR Subdivision
$540,000
Single Family Home For Sale
Active
4
BED
3
TOTAL BATHS
2,184
SQFT
11 W Braman Ct
Fort Myers, FL 33901
BRAMAN COURT Subdivision
$729,900
Single Family Home For Sale
Pending With Contingencies
4
BED
5
TOTAL BATHS
4,232
SQFT
1335 Florida Ave
Fort Myers, FL 33901
YORK MANOR Subdivision
$539,900
Single Family Home For Sale
Pending With Contingencies
3
BED
3
TOTAL BATHS
3,198
SQFT
1331 Caloosa Dr
Fort Myers, FL 33901
RIVERSIDE Subdivision
New Listing - 3 weeks online
$1,425,000
Single Family Home For Sale
Pending With Contingencies
4
BED
4
TOTAL BATHS
3,228
SQFT
2924 Valencia Way
Fort Myers, FL 33901
VALENCIA TERRACE Subdivision
New Listing - 4 days online
$695,000
Single Family Home For Sale
Active
5
BED
4
TOTAL BATHS
3,684
SQFT
1320 Alcazar Ave
Fort Myers, FL 33901
VALENCIA TERRACE Subdivision
$1,395,000
Single Family Home For Sale
Active
4
BED
4
TOTAL BATHS
3,952
SQFT
1126 Tipton Ct
Fort Myers, FL 33901
FORT MYERS Subdivision
$899,000
Single Family Home For Sale
Active
5
BED
6
TOTAL BATHS
4,286
SQFT
3706 Oxford St
Fort Myers, FL 33901
BURTWOOD Subdivision
New Listing - 5 days online
$264,900
Single Family Home For Sale
Pending With Contingencies
2
BED
2
TOTAL BATHS
1,411
SQFT
1455 Ricardo Ave
Fort Myers, FL 33901
FORT MYERS Subdivision
$2,145,000
Single Family Home For Sale
Pending
3
BED
5
TOTAL BATHS
3,939
SQFT
2806 Valencia Way
Fort Myers, FL 33901
LYNNS ADD Subdivision
 

 

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