What You Should Know Before Buying A Second Home

    Real estate is all about knowing the ins and outs of the desired location. If you find a real-estate agent who is familiar with the location, that person could provide you with valuable information about neighborhoods, market prices, trends, schools, and the pros and cons of specific properties.

    With Seattle home prices continuing to rise, there are many things you’ll want to consider before you start shopping for that second home. There are many different reasons to keep your attention focused on an agent who has their eye toward market trends, long-term values, as well as any other additional costs.

    Management companies, insurance, and mortgages are just a few examples of costs that add up quick. Depending on where you live you might need earthquake insurance, flood insurance, plus the regular home insurance.

    The ability to afford two mortgages is another key aspect of buying a second home. One has to qualify for the new mortgage in addition to covering the financial obligation of the primary home’s mortgage debt. People also have to meet credit standards, and provide income and debt requirements, proof of income and assets, plus make a down payment of about 10 percent.

     Even after considering everything mentioned thus far, you’ve still got to think about the tax implications of your new purchase. Second homes generally get a mortgage interest deduction as well as a property tax deduction, the same as one would get for the first home mortgage.
    To learn more or to get in contact with one of our expert agents, please contact us.

     

    View All RESG Listings 

    Trackback from your site.

    Leave a Reply