Have you been toying with the idea of purchasing another home or property? If so, now could be a great time to make that investment. Interest rates still continue to be low by historic standards, and many home prices are affordable for the right buyer.
Scouting the market
One way to start off the search for a second home is to find a real estate agent who is familiar with your desired location. This partner could fill you in on aspects such as weather and traffic patterns, help you evaluate the location and amenities of a property and provide information about comparable sales.
What sort of return should you expect?
The answer to that question really depends on how long you plan on owning the home. While some people like to quickly flip the property and make some fast cash, others would prefer to enjoy the property and let it appreciate with the market. Either way, there are both risks and rewards to consider before making your decision.
How will this affect my insurance?
The location of your second home will likely affect your insurance rates. For example, beach homes should factor in flood insurance, whereas a second home in the mid-west would not likely require earthquake insurance. Some insurance providers worry that second homes may be neglected and not properly maintained. This too can effect your rates.
Repeat Home Buyer: Loan Programs
Let LifeSource Mortgage help you find the program that is right for you. Contact a specialist today—we can get you pre-qualified and find you the loan that best meets your needs.
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Real Estate Broker, California Bureau of Real Estate, License #01869699, NMLS #321759
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