Factors to Consider Before You Buy a Second House

by Katharine Breithaupt (bright-hop) 12/06/2020

The decision to purchase a second home may be one of the biggest choices you will make in your lifetime. As such, it is important to consider all of the factors associated with a house purchase before you embark on a quest to acquire a second residence.

Now, let's take a look at three key factors to evaluate as you weigh the pros and cons of purchasing a second home.

1. Your Current House

Consider the state of your current house – you will be happy you did. If you assess your current residence, you may be better equipped than ever before to determine if now is a good time to start a search for a second house.

For instance, if your home needs a new roof or requires other repairs, you may want to complete these improvements first. After these house repairs are finished, you then can kick off a search for your second house. Perhaps most importantly, you can launch this home search with the reassurance that your current house is in good shape and likely won't require significant repairs in the near future.

2. Your Finances

If you still have a mortgage on your current house, you may want to focus on paying that off first. Once your mortgage is paid in full, you can conduct a search for a second house without having to worry about paying two mortgages at once.

Of course, if your current house's mortgage is paid in full, you should still evaluate your finances closely. Ensure you have sufficient finances to cover a mortgage for a second house, as well as your everyday expenses. By doing so, you can hone your search for a second house to residences that fall within your price range.

3. Your Immediate and Long-Term Plans

Think about why you want to buy a second home in the first place. Then, you can determine how this decision may impact your immediate and long-term term plans.

For example, if you want to return to college, buying a second home may affect how much money you have at your disposal that you can use to go back to school. On the other hand, if you hope to get a work promotion in the foreseeable future, you soon may have additional funds to help you make your dream of owning a second home come true.

As you decide whether to launch the search for a second house, take some time to consult with a real estate agent. A real estate agent is a homebuying expert, and he or she can provide housing market insights that you may struggle to obtain elsewhere. Plus, a real estate agent will guide you along the homebuying journey and can help you acquire a top-notch house at a budget-friendly price.

Account for these factors before you start your search, that way you can make an informed decision about whether now is the ideal time to pursue a second residence.

About the Author
Author

Katharine Breithaupt (bright-hop)

The Wine Country is one of the chosen places on all the earth. I have lived here over 30 years in this extraordinary place. Over 20 years ago, I started representing both Sellers and Buyers and now have proven results and experience in Residential Homes, Luxury Estates, Farms/Ranches and income property here in paradise. I have been in the top 5% year after year in real estate sales, and it is for a reason.  

It takes an extraordinary agent with proven marketing expertise and negotiation strategies to close deals with the results you desire. I am a full time, full service Realtor with the networking connections you need. I produce results and closed sales because of my experience and behind the scenes contacts. As a Top Producer with Premiere Client Services and Global Reach, I will get you to your chosen goal sooner. In any market, it is important to choose a Top Agent that has MORE to offer. You will be my priority. From the finest photography, internet exposure, social networking and networking connections, you will be well-represented by me, first and foremost.  

Benefits to You: Multiple website portals; Free Seller Pak/Free Buyer; Pak/Free Home Analysis available upon request; Member Luxury Networking Group - Top agents of the $1 million plus range; Five Star Technology Training and Internet/Search Engine Optimization Exposure; Member of Marketing Masters Networking Group/Santa Rosa - former President - Top agents in Sonoma County all price ranges; Consistent Sonoma County Top 5% Producer year after year. Active member of BAREIS, CAR, NORBAR. Let's talk! I look forward to serving your needs!  

My husband/partner, Henry (Spud) Davis and I will cover your real estate needs throughout Sonoma County. With six grown children out of the house, we have the time, the energy and experience to devote to you. We support many non-profits with needs. We love to travel, and Spud's the chef so tell us about your favorite foods/recipes. Give me a call/text/email today to have a conversation about your real estate needs and how we can help make your dreams of Wine Country Living come true.