The world’s recent events have sparked many homeowners into thinking about buying a second home. Many homeowners have disposable incomes and simply want another home to stay in when they’re out of town (a holiday home, so to speak). On the other hand, some homeowners want to purchase a second home so that they can rent it out to other people and (one day) make a profit from it. Whatever your reason for wanting to buy a second home, here’s a short guide on how to successfully do it.
Use a reliable estate agent
Estate agents play a huge role in the house-buying process – and understandably so. They help prospective buyers to find homes that are perfect for them, whether it’s a newly built home or one with a swimming pool in the garden.
As you’re looking for a second home, your best option is to get help from a reliable estate agent who can work closely with you to get you what you need. Get started by heading over to robertoandco.com.
Evaluate the neighborhood and surrounding area
Let’s say you’re looking for a second home that’s peaceful, quiet, and stress-free – basically, the holy grail. You’re certainly not going to get this if you pitch up in a noisy, antisocial neighborhood – like this lady did. So, the point is clear: the house might be amazing, but it’s meaningless if the surrounding area isn’t.
So, when looking for your second home, research the area in great detail online. Also, make sure to speak with neighbors and drive by in your car throughout different times in the day. For example, the neighborhood might be incredibly nice during the day, but at night it fills up with loud teenagers and troublesome individuals.
Get a buy-to-let mortgage if you’re planning on renting the house out
If you don’t plan on living in your second home, and instead want to rent it out to people (such as university undergraduates), you’ll likely need to obtain a buy-to-let mortgage.
Buy-to-let mortgages are mortgages for people who want to buy a property – such as a house or studio apartment – and then rent it out to tenants. It’s worth remembering that these types of mortgages (often) require bigger deposits than standard mortgages, and also come with higher interest rates. So, for you to get one, your finances need to be in order and you must have a stable income!
A lot of homes are available at cheaper prices simply because they need renovating. Although this can be off-putting for many people, it can be a hidden goldmine.
So, don’t fear any potential renovations – as they could actually save you money in the long-term. Plus, it’s an interesting project for you to take on, particularly if you enjoy DIY and planning!
Hopefully, you will find this guide useful in your quest to purchase a second home. Remember, the current housing market is a little unpredictable, to say the least. Prices are often jumping up and down, so don’t be dismayed by this. Instead, remain patient and focused and you’ll soon have the second home that you’ve been looking for!