What we need to consider before buying a second home

Surely all, on more than one occasion, we thought how nice it would be to have a second home for holidays or just to rent and have some extra income in the long term. If we have the opportunity to buy a second home and we are determined to do this, first of all we must consider certain aspects.

buying second home

These are the points to keep in mind before buying a second home that this investment proves profitable and not a complete failure.

We must not let ourselves be carried away by the illusion
We cannot always make the purchase of a home by pure whim, it is not about shoes, but the following formula: second home = Extra mortgage. This is something that we must constantly repeating, even that fascinates us the house we have seen and we deem wonderful opportunity. We must be consistent with our chances, because the “facilities” that we announce real estate or construction are not always such.

We also need to deeply know the area in which the house is located, whether it is a good neighborhood, if we can rent it if not we use, the weather, whether this will cause wear or damage to our property, the amount of insurance we need to cover unexpected expenses, etc.

Pros and cons of buying a second home
But, above all, we must think that a second home and the income statement are not independent terms, also will have to declare this Home and that will suppose an extra series of taxes at the time of paying.

In any case, if we still wonder the house we have seen the area and the mattress and have sufficient capacity to meet the payments, we should not go crazy, because it is not a matter of throwing money away. There is a possibility to find a second home at relatively affordable prices. In coastal areas we can find real bargains, but only if we look in the same way that if we were to buy our residence, with patience and objectivity.