Having that vacation getaway spot always ready to welcome you is a dream for many homeowners. Yet, buying a second home isn’t something to rush into. There are many considerations to make. Understanding your capabilities and the current condition of the market are a few. Take advantage of the following thoughts on buying a second home from professional Plainfield IL real estate agent Jeff Gregory.
Consult a Realtor
When dealing with anything real estate, it is best to get accurate information from a qualified real estate agent. As a Realtor in Plainfield IL serving buyers and sellers, this cannot be emphasized enough. In any big decision, accurate and exhaustive information is beneficial and can even be critical. Make sure you are including all the factors needed and dealing with real information. If you are in or around Plainfield IL, contact Plainfield IL real estate agent Jeff Gregory.
Analyze Financial Capability
The big question when thinking about buying a second home is, “Can you afford it?” To answer this, you’ll need to find out what you will be paying on the new mortgage, insurance, repairs, regular maintenance, property taxes, utilities, etc. For a thorough look at your specific situation, contact Plainfield IL Realtor Jeff Gregory. You may also end up paying more in interest on a second home. If you only intend on using this home on a limited basis, you will likely have to pay someone to do maintenance.
Second Home Location
Determining the purpose for the second home is key when deciding whether or not to purchase. One observation as a real estate agent in Plainfield IL is that thinking through the extent of use of a property will determine a lot. For example, how often will you be at the second home? How long does it take to get there and what is the cost of travel? If you will only be there a couple times a year and do not plan on renting it out, it might not be the best idea. The location and distance from your primary home are important factors to consider.
One last element to think about when considering a second home is insurance. First, will you be able to get insurance? Second, how much will it cost? Don’t simply assume that the cost of insurance will be the same as your current home. If the new place is in an area where it floods frequently you will end up paying more. Talk with your current insurance provider about any savings that might be available. For all your real estate needs, contact qualified Plainfield IL real estate agent Jeff Gregory.