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Is there a spot that you visit so often you’d like to purchase property? Or are you thinking of buying a vacation home that you will rent out when you’re not staying there? Whatever your motivation, there are a few considerations to make when you’re purchasing a second property.

Be Realistic About Its Use
Does your dream of second-home ownership match the reality of the time and investment you’ll make? If the second property is primarily for your vacation use, factor in the costs of traveling to the location and how often you’ll be able to take advantage of it.

Think About Maintenance
Who will take care of issues with your second home when you’re away? If it’s a rental property, you might want to hire a property management company, so be sure to add those costs to your second-home budget.

Visit More Often Before You Buy
If you only visit the beach every year from Memorial Day to Labor Day, do you have a good sense for what your second-home city is like during slower months? Make sure you visit the location throughout the year and get to know everything from the weather to local activities. If you are purchasing property with the intention of renting it out, be sure you know the seasons travelers are more likely to come and that you won’t be missing out on key moneymaking times when you plan to stay there.

Contact us at Belmares Properties for an overview of title insurance and how to obtain it.

This is blog article was posted on January 28, 2020 by Texas REALTORS® Staff – https://www.texasrealestate.com/

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