You’re already a homeowner, but you’re looking to buy a second. The first time you bought a home, everything went smoothly and you love your house, and now you want a little weekend getaway home or vacation home. That being said, there are a 3 critical questions to ask yourself before committing to another home.
1. How many times a year will you visit and how much time will be spent there?
Another home is a great asset to have, but before buying ask yourself how often will you be there. If it’s only going to be 2-3 times a year, it may not be worth the cost unless you have disposable income to cover it.
2. Will the value of the home stay high?
Be sure to calculate the value of the home over time. The housing market is ever-changing and you want the home to increase in value not decrease over time. Look at the neighborhood and homes around the area you’re looking to buy in to see how the market is doing.
3. What will be your yearly maintenance cost (i.e. HOA fees, taxes, landscaping, etc.)?
These are often costs that are looked over initially when deciding on a home. Be sure to calculate these costs to ensure you are able to keep up the home maintenance/fees each month and year before making a definitive decision.
Are you a second-time home buyer? Is there any experience you’d like to share? Let us know in the comments below!