Friday, May 16, 2014
A second home can be a great investment that caters for your needs. Whether you’re choosing the convenience of a condo, the luxury of a vacation house or the benefits of a good investment property, it’s important to keep these tips in mind.
Don’t buy on impulse
With the local real estate market is in an upswing, there are many attractive home and condo offers available. Resist the temptation to buy on impulse. Whether it’s a convenient condo investment or a charming single-family home in the country you’re looking at, it’s still best to properly assess the property, your needs and budget.
Assess your needs and lifestyle
What type of property do you want as a second home? Regular vacation-goers may enjoy having a private vacation house to retreat for holidays or even for spontaneous visits. On the other hand, those who live far away from their workplace or school may want to invest in a convenient property location.
The type of property you choose depends on your needs and lifestyle. Assess these factors carefully to make the right choice.
Consider long-term goals
Buying a real estate property can be expensive and liquidating a property is not as easy as it seems. Don’t just look at the here and now, but consider long-term goals as well. For instance, buying a condo near your child’s school may be a great idea now, but have you thought about what will happen when your child graduates?
Get a local real estate agent
For vacation homes in particular, it’s best to hire a local real estate agent, as you may not know the area and market prices all that well. He can help you define the exact location and an honest price point for a property purchase.