Have you considered buying a second home? A secondary property can be a great investment in your future. It can also help you earn additional income and provide a retreat from everyday life.
If you’ve been thinking about purchasing a second home, here are some considerations to bear in mind, plus tips for getting started.
Deciding where to purchase your next property is a major decision. Should you get a home close to your family? Or would you prefer one on a beach, in the mountains or in a city you love?
It’s important to discuss locations with your spouse and other family members who might be included in this decision. From there, spend time researching the best local neighborhoods. Partner with a local real estate agent so you find the best areas for a second home. Plus, this makes the first step of the home buying process, preapproval, much easier. Doing research ahead of time about your new location, teaming up with a real estate agent in that area and calculating your finances within the new area will show upfront initiative to your lender as you navigate the mortgage process for your second property.
Some buyers already have a clear vision for their second home before making their purchase, but it’s OK if you’re not sure. Consider your options – it may even change your location. It’s important to note that with Rocket Mortgage®, the property may qualify as a second home if it’s rented out for no more than 180 days in a calendar year. You must also reside in the home for either 14 days or 10% of the days the property is rented, whichever is greater.
You can use your second home for any combination of the above. You could vacation there for a designated period of time and rent it out via Airbnb and short-term leases for the rest of the year.
The business of real estate is more than just business to Lynn Range, it is a passion project as she offers her clients a mix of local intelligence, industry knowledge, and transactional expertise.Let's Connect