Buying a Second Home? Here’s What to Consider

One isn’t always enough. Houses, that is. For some lucky folks, vacations aren’t truly relaxing if they occur in impersonal hotels or resorts. They literally want a home away from home. If you’re among this fortunate bunch, here are some key factors to remember when deciding to buy twice.

Location, Location, Location

Do your homework before diving into a major venture like owning a second home. As with any house, location is hugely important. Make sure you’ve researched the area and visited in all seasons. Check on the surrounding environment too. Mother Nature has a way of reducing property values in an instant. Find a place with a great view without also being especially vulnerable.

Share It

Family and friends are not just good company; they can help save you money too. Splitting a vacation home with others is a smart way to pool resources and allay costs.

Rent It

Renting in the off-season, especially if you choose to buy in a vacation destination, is a great way to make extra money and offset expenses. Maximize the chance of getting renters by selecting the spot well. This shouldn’t just be where you want to spend weekends away, but a place to live as well. So imagine the motivations of others when shopping around.

Did this blog ring true for you? We’d love to hear what you have to say on the subject. Comment on Facebook or tweet at us with your thoughts.

Related Articles:

Renting vs Buying: To Buy or Not to Buy a House

Make Your Getaway: Travel Tips to Save Money

Downsizing Your Home? Benefits and Drawbacks to Consider


External Link Image Label Links to non-Ally websites

We provide links to third-party websites for your convenience. Although we provide a link, Ally Financial is not responsible, nor can we guarantee their products, services, or information. We suggest you review their online policy and security practices to learn about this third party and how they handle consumer information.

1 comment

Leave a Comment