Things are getting exciting! Second homes are an awesome way to build wealth and expand your portfolio—and hey, they can also double as an awesome place to get away! But before you jump in feet first, you’ll need to think through a few things to ensure you make the best investment possible.
Vacancy: If you’re buying a second home as an income property, you’re going to have to work around tenant availability as a rental or fill weekly bookings if you’re doing a vacation rental. Decide which works best for your lifestyle and the amount of work you want.
Affordability: Second homes often come with stricter mortgage requirements and higher down payments, so you want to make sure that
1) you can actually afford it and
2) that it’s a good investment.
Even if it seems like a great idea now, think 5-15 years down the line.
Maintenance: A necessary chore that just has to get done. You have to choose whether you want to hire someone to do it.
Location: Because you want your second home to be even more of an investment than your first, location is so important. When choosing your second place, make sure the location is one that will increase in value. There’s a lot to consider there, so send me a DM if you want some help walking through it. And when you’re ready to start looking, well you know who to call.
Any questions?
Evelyn Karaoulis
416-569-5172
Evelynkaraoulis@hotmail.com
Post a comment