Your home can be paradise, especially if you have two or three to choose from. Having an additional property you can call your own is quite the luxury, but it is totally worth it. Second homes let you:
Take a vacation in total comfort and privacy
Can become an additional revenue source
Help you feel a sense of home in an otherwise foreign place
Truly, the benefits that come with owning an additional property are practically endless.
But knowing what to look for when you want to purchase an additional house can be hard. From deciding on a prime location, to knowing how much to invest, and even knowing if you should live there, or rent it out, it can all feel overwhelming.
However, with a guide like this, there is no need to worry. We’ve compiled some important points to think about when you have your eye on a second property.
What Location Matches My Needs?
Whenever you want to dive into owning a second or even third home the most important thing to think about is location.
Do you want your second property to be something local, or far off?
Do you want to have a property that is in the same style as your primary residence or something totally different?
Is this a location that you can imagine returning to for years?
Or, on the other hand, is this a place where you could easily flip your property if you wanted to?
Answer these questions and you’ll have a much better idea of what to look for.
Once you have settled on the details about the kind of property you want, it is time to partner with a trusted expert in that local market. You might decide you want a cozy cottage in Europe, or a tropical paradise. Whether you work with a specialist in real estate sale Thailand, or international purchases, you will feel much better when you can get a handle on the market with a local pro.
Am I Renting Out This House Or Is It Just For Me?
The next thing to consider when investing in a second home is whether or not you plan to live there. Second properties can be a great way to earn some passive income. You should decide if you are renting your place out, or you want to have an always available escape for you and your family. Both ideas have their pros and cons in regards to flexibility and overall cost.
However, you don’t have to feel like a long term rental is your only option to make money from your second property. You can rent it out to photo or video shoots, or even offer it act as a short term rental space for vacationers. There are property management companies that can take care of everything for a percentage of the sales if you don’t want to be bogged down with the details either.
Do I Want A Fully Realized Home Or A Fixer-Upper?
Lastly, when you purchase a home you want to think about how much time, effort and money you want to put into it. If fixing up and renovating homes is your passion, then purchasing a fixer upper could be perfect. But if you simply want to walk into your dream house with no adjustments, that is totally possible too. This decision might be the easiest one to make but it is still something everyone has to think about.
Calculate your finances
It is vital to make sure you sit down and work out what you can afford. You can use a mortgage calculator to assist with this.
One of the biggest mistakes people make is starting the house=hunting process and then realising that they have aimed too high in terms of their finances and what they can afford.
In The End
All in all, working towards making your second property a reality is much easier than you think. Once you know what you want from a property and who to partner with, you’ll be pleasantly surprised by how quickly it can all come together.