Buying a Second Home

You’ve been thinking about purchasing a second home. Whether it’s an investment property, a getaway, or a place to retire, there are many things that need to be considered before making the purchase.

Does buying a second home make financial sense? Before you decide to make the leap into investing into another home, you need to consider if it is a sound financial move. Many home owners who have second properties complain that the home (which includes the purchase price and ongoing expenses) cost more than what they bargained for. Begin tallying up your expenses and factoring in any extra costs based on that simple fact that you won’t be there every day. You may need to also look into hiring a property management company and getting hazard insurance.

When you’re ready to make the purchase, be sure to get a real estate agent that is familiar with the location that you desire. This agent typically is an expert in the local area and so they can tell you the pros and cons about the location.

With the housing market building its way back up, flipping homes is becoming something of the past. Instead of looking for a return on an investment, perhaps think about enjoying the second property as a vacation or getaway home.

Finally, take Insurance into consideration to protect yourself and your second home. Be sure to get an inspection prior to purchasing so that you can deal with the repair issues up front and a sense of what the repairs might cost. Also, you may need to purchase title insurance in case problems such as past ownership or debt claims on the property surface after the purchase. Finally, look into carrying hazard insurance to protect your property against damage from theft, fire, flooding, or windstorms. Also, look into liability insurance which covers you and the members of your household for accidental injuries to your visitors.

For more information about purchasing a second home, contact Stephen Nissou today at 619-250-4541. Stephen@StephenNissou.com, or www.StephenNissou.com

Your Local San Diego Real Estate Expert,

Stephen Nissou
Nissou Realty Group   |   Keller Williams Realty

680 Fletcher Pkwy. # 100

El Cajon, CA 92020

Office 619-873-2772

Cell 619-250-4541

www.StephenNissou.com

Stephen@StephenNissou.com

CalBRE # 01441393