Osborne Realty

Factors to Consider Before You Buy a Second House

by Judy Osborne 09/22/2019

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

Judy Osborne

Thank you, for taking your time to visit our website for buying or selling your home investment in the Pineville, Ballantyne,  Fort Mill and Charlotte and surrounding area. Osborne Realty will work with experienced home buyers, and experienced sellers or first time home buyers, and first time home sellers, builders, and investors.  It may be an excellent time for you to buy or sell a home.  Home ownership is the most significant investment most people make and the only investment that you or someone else lives in! Whether you are planning to stay here for a few years or the rest of your life, you will enjoy the stay. The good news is that most Charlotteans are not from here either. Like you, people hail from all over for reasons ranging from work to weather. Although some will tell you, the southern hospitality, BBQ, and sweet tea sealed the deal. You'll fall in love with Pineville, Charlotte, Ballantyne and Fort Mill or any area you like!


"All I can strive to be is the absolute best possible version of myself." real estate business is all about listening to you, our client, to find out what you expect either selling or buying a home.   Osborne Realty is dedicated to learning about your hopes and dreams concerning the most significant investment most people make and how best to help you achieve your realistic expectations. When you are buying or selling property in today's real estate market, it's essential to have confidence in your real estate professional. Our commitment as your local REALTOR® is to provide you with the specialized real estate service you deserve. Osborne Realty knows we have accomplished your goals when you refer a  family member or friend to sell or buy with us.  We appreciate your continued relationship and look forward to becoming your Realtor for life that tells others about how we help people every day with the selling and buying of homes.

When you are an informed seller or buyer, you'll make the best decisions for the most important sale or purchase in your lifetime. That's why our goal is to keep you informed on trends in the marketplace using the latest statistics in your local area. With property values continuing to rise, real estate is a sound investment for now and for the future. If you are considering selling or buying a home or would just like to have additional information about real estate in your area, please don't hesitate to call or e-mail us. Thank you for visiting PinevilleHomes.com - please consider it as your online source for local real estate information, and often return for the latest property listing updates.

Pineville, Fort Mill, and Ballantyne or any area you like Realtor!


Judy Osborne

Osborne Realty (704) 763-4486

E-Mail: [email protected]