Ignite FB Tracking PixelFactors to Consider Before You Buy a Second Residence - Garrett W Burdick
Factors to Consider Before You Buy a Second Residence

by Garrett W Burdick 04/01/2019

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
Garrett W Burdick

Garrett Burdick is a Real Estate Professional and has demonstrated repeated success as an entrepreneur whose innovation, proficiency, and out-of-the-box thinking have all earned him the reputation as a seasoned strategist across multiple industries. Over the course of a decade, he has cultivated extensive knowledge in real estate. Garrett, a licensed Real Estate Agent has joined a prominent brokerage Vanguard Properties in Marin County to offer real estate services for sellers and buyers. With several years as a Real Estate Professional he is equipped with local marketplace familiarity and renovation expertise. Ultimately, Garrett is on a mission to offer a top-tier, seamless, and stress-free transaction to each and every client, and serve as their trusted ally during one of the largest investments they will ever make in their lifetime.

Outside of his career, Garrett is an avid professional photographer who owns Birdman Inc Locations Services and Buzz Photo Booths. He even has a culinary background as a Culinary Institute of America graduate. Above all, he cherishes spending quality time with his loved ones in San Rafael. He is happily married to his wife Tanya, and they are the proud parents of two amazing San Rafael High School boys, Walker and Cooper. Whether you’re seeking a new home or are a homeowner interested in selling your property, Garrett is here to help you turn your goal into a reality. Feel free to reach out to him at any time with your inquiries and he will be more than happy to answer your questions.