Luxury and comfort are the American Dream. Part and parcel of that dream can be owning a second home. People who own multiple homes feel like they have achieved another level of success in life.
Buying a Second Home
Whether it is a vacation home, a second half-time residence, a retirement house or for any other purpose, the temptation to buy a second home when you think you can afford it can be strong. However, jumping into the process too soon can lead to financial troubles that can undermine your sense of well-being. Here are a few things to consider before buying a second home, and the questions you should ask before diving in.
Avoid Impulse Buying
Impulse buying happens to us all. You see something in a shop window that you suddenly just feel like you cannot live without. You would not think that applies to something as huge as a house, but you would be mistaken. There are an astounding number of people who impulsively buy properties with which they fall in love and later regret it. If you are thinking about a second home, take the time to truly think about it!
What Is the Area Like?
Consider the area beyond the home. There are beautiful homes in poor areas that at first glance do not reveal their disadvantages. When you find a home you love, take the time to research the area. Talk to locals. Read reviews online. Talk to a local real estate agent who specializes in that neighborhood. Get a feel for all the pros and cons. Make sure that the neighborhood fits your lifestyle.
What Are Your Goals?
What is the reason you are buying this house? What purpose will it serve? A vacation home will have separate qualities than a second half-time residence, which is entirely different from a retirement residence. Rental properties are something else entirely. Make sure you are aware of your goals and the needs you have from the property you will be buying.
Understand Your Budget
Do not just purchase a second home because you want one. Be hyper aware of the expenses involved in home ownership. Even when you are not living in it, that property will cost you money just by existing. Know what you can afford, and understand the costs of owning a second home, so you do not get in way over budget and end up underwater.
Hire a Local Real Estate Agent
A local real estate agent is an expert in the area in which you are buying. Once you decide on a location, talk to local realtors who can give you strong insight on the kinds of properties available, on the local amenities and attractions and all the nitty-gritty of the local neighborhood.
If you are looking to purchase a second residence in the Greater Las Vegas Area, we are here to help. Check out our residential home buying information, and contact us for more details to help start your search today!