Are you thinking about buying a second home as an investment? So that you won’t be having second thoughts about that second home, there are a couple of house rules to follow to make sure that buying a second home is a smart decision.
If you’ll be renting the home out, learn about the maintenance details ahead of time. You’ll also want a clear idea of what’s involved in dealing with renters – such as handling inquiries, credit checks, deposits, scheduling, and cleaning. You might want to coordinate it yourself or have a management company do it for you.
If it’s a vacation home you’re thinking about buying as a second home, you’ll want to spend time in the area first and picture if this is a place you might want to live in the future. Is it an area you enjoy and a location you can feasibly travel to as often as you are planning? Doing your homework first will assure you that you’ll be happy with your second home away from home.