10 Most Common Mistakes When Buying a Second Home
Buying a home is for most of us the biggest purchase we’ll ever make in our lives. Interesting enough, some people don’t stop here and purchase a second and even a third home. Maybe even more. The reasons are diverse: some look for a vacation home, others purchase a second home for their offspring, others look into real estate investing. No matter what your reasons are to look for a second home, here are 10 crucial mistakes you need to avoid: You buy a home on impulse When purchasing a second home you should already have enough experience with the entire home buying process to know you should never buy on impulse. Not when purchasing clothing or gadgets, lest a house that costs a lot. Study the housing market properly, see the prices homes sell for in your selected neighborhood, meet with realtors and go to open houses. Chances are that, if you are doing your due diligence, you will find a great deal. You ignore the area A home is not a car you can take with you to move somewhere nicer, so, if the neighborhood is not good, you’ll be stuck there for as long as you own the house. Many buyers of second homes do not know anyone in the area more than the seller of the house or the real estate agent. Drive around the area for a while. Do it in the daylight and nighttime. You can also contact the local police and have a chat. See if you can chat with few neighbors. Are they nice people? If not, maybe it’s a better idea to look for something else. You don’t take into account the maintenance costs What’s the current condition of this house? Is it an old home that needs extensive repairs? Is […]
