Are you thinking of buying a second home? The first step in purchasing a second home is to decide what the purpose of your home will be. Is it an investment property, a place to rent to others, a getaway home, or a place for you to live after retirement? Here are a few items to consider as you start the process:
Research Tax Laws
Learning the tax laws of the area in which you are planning to buy may save you money in the long run. Every state has different tax rates. If you plan to rent the property, understand the state and federal tax deductions available to you. Consulting with a tax professional before getting too far into the buying process is a great way to make sure you fully understand the tax implications of the area.
Live Like a Local
Before you purchase a home, especially in an area in which you are not familiar, talk to the locals. Get to know where shopping, dining and medical services are, relative to the area you’re exploring. Consider visiting the area during different times of year to see if there are enough activities and incentives to keep you interested.
Local Real Estate Agent
Hiring an experienced, local real estate agent will make finding the right property and the buying process much easier. Having an experienced agent help you decide what you are looking for in a second home can help narrow your search significantly. Choose a realtor with at least five years experience in the market you are considering.
Buying a second home can be stressful, but knowing who to talk to and remembering these simple steps can save you a lot of time and headaches. We Florida Financial offers financing for primary residences and second homes. Find a We Florida Financial Mortgage Loan Officer near you.