When deciding if you should buy a second home, consider the full financial impact of the transaction and whether you’d be okay with vacationing in one spot long term.
If you want to buy a second home to rent out, make sure you know the laws for doing so in the area you want to buy.
Buying a second home can be a good way to diversify your investments, make passive income and have a spot for family gatherings.
The market for second homes soared during the peak of the pandemic. Now, though, it’s a very different story. A lot of people are having second thoughts about buying a second home, according to a data analysis from Redfin. The demand for mortgages for second homes is the lowest it’s been in seven years — due largely to expensive housing costs coupled with employers requiring workers to come into the office regularly.
However, that lower demand may work in your favor if you’re thinking about buying another property. Less competition leads to more bargaining power. Before you join the coveted second-home club, read on to learn whether you’re up for the long-term responsibilities. (Continue reading)...
Content and images courtesy of Bankrate.com