Today's mortgage rates are making it attractive for families to consider purchasing a second home, buying a vacation rental, or investment property. Before you jump into the "pool" you need to consider the following key factors.
1. Decide on your plan. A key factor here is, "How do I want to use the property?" Will it be a second home or a vacation rental? Perhaps I am looking to expand my passive income portfolio by purchasing an additional home or two. Regardless, have a plan!
2. Create a budget. Wanting to buy a second home is one thing, being able to pay for it is another. You are going to have to crunch some important numbers to determine what funds you have on hand and what you will need to borrow.
3. Compare lenders. Here is where you need to find a lender who is "investment oriented". Discuss your plans for the property and determine if his lending institution is a good working partner and get pre-approved.
4. Start shopping for a home. Now is the time to work with a professional real estate agent who is familiar with the locale you are interested in buying into. With the agent's help and knowledge of the area you can redeem precious time as you search for the ideal property.
Implementing these key factors will help you navigate the current housing market to find that perfect second property.
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