Is your home not giving you the lifestyle you need? Thinking about purchasing a second home? Now could be a great time to do so, but there are several things to keep in mind before taking the leap and purchasing a second home or condo.
Does buying a second home make sense financially? Keep in mind not only the mortgage payments, but also upkeep. Think about the location and type of second home you want to buy. A town home or condominium may require less upkeep, but you may pay extra fees with those types of properties.
Likewise, be sure to research the tax implications of owning a second home, including property taxes and income taxes. Generally, the more money you put down, the better. Perhaps a family member can help with some of the down payment to save on interest. Another popular trend is to go in on a second home with another couple. This could be a good idea if you are only interested in using your home for a getaway for only part of the year. Purchasing any type of property is a big decision, so be sure to thoughtfully consider your options before purchasing a second home.
We assist many owners with the purchase, sale, and property management of investment properties, including condos, single family residences, and multi-family residences, in the Long Beach area. If you’d like to learn more about Long Beach real estate or are thinking about buying, selling, or property management of a home or condo, please contact me.