Seven Steps to Buying a Second Home
Maybe you fell in love with Treasure Island while visiting family in Tampa, or you're a native Floridian who's always wanted a waterfront condo on St. Petersburg Beach. Our area has always been a popular destination for second-home buyers. If you're in the market for a weekend or vacation home, follow these steps to make the process easier. 1. Get to know the area. Small details, like the location of the closest supermarket and gas station, can make a huge difference. Talk to the locals about their take on the area. Your goal here is to get to know the place as more than a tourist. 2. Think about the long term. If you'll eventually live in your second home full-time, you'll need to think about factors like the availability of health care and traveling distance to visit your loved ones. 3. Hire a local real estate agent. Housing markets vary widely from region to region, so find a real estate agent who's familiar with the area where you're looking to buy. Choose someone who has experience working with absentee home buyers and sellers. 4. Choose the type of home that's right for you. The most important decision is often "single-family home or condo?" Condos are the low-maintenance option, while single-family homes offer more privacy. 5. Research rental requirements and opportunities. If you'll only be in your second home for part of the year, you may want to rent it out. It may be preferable to find a property with on-site property management. As you check out prospective properties, also find out about any HOA restrictions on renting. 6. Get the best deal on your mortgage. Many homeowners simply go to the lender they used for their first home. But shopping around can yield much better mortgage terms. Why not save yourself a little money (or a lot)? 7. Factor in other expenses. Just as your first home carries maintenance costs and other expenses, so will your second home. If you're not from Florida, you may not know about things like flood insurance, so make sure to do your research. Your real estate agent can offer insight here, as well.