Four essentials to consider when buying a second home

Interested in taking the big step to buying a second home? It’s an exciting time — imagine those summer sunsets, running barefoot in the sand, breathing in the countryside. And, most importantly, taking a step away from the hassle of day-to-day life.

For others, second homes are income opportunities — giving other couples and families the opportunity to take a breather.

Whatever your reason, before you can take those first steps, there are essentials to consider. We’ve outlined them for you here:

Vacancy

If you plan to use your second home as an income boost, how often will the property be vacant? Will you rent the home full-time, acting as a landlord, or will you treat the space as a short-term rental?

For the latter, buyers should keep an eye on current zoning rules in your desired municipality, as short-term rentals are often restricted.

Affordability

If you plan to use your second home for yourself and your family, how affordable is the property? Have you determined how much maintenance, utilities, and general upkeep will set you back?

Second homes, though often purchased for fun, are still an investment in your future. The mortgages are stricter and the down payments and taxes higher. Are you making the right long-term choice?

Maintenance

Speaking of maintenance, who will be responsible for keeping your second home up-to-snuff? Do you live near enough to drop in, or will you need to hire part-time or full-time help?

Maintenance and housekeeping are separate entities: Who will be responsible for cleaning the home, removing unwanted dust and grime, before you or guests arrive?

Location

Are you buying your second home in an area poised for growth? The location may seem desirable to you, but will it still be desirable for someone else in 10, 15, or 20 years? Your second home should be an even stronger financial investment than your first.

Questions? Contact our team at Sterling Properties in East Tawas by calling 989-362-4585.

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