For many people, the low interest rates and lower home prices make for a perfect recipe to finally be able to fulfill their dream of a second home. Whether you are thinking of that beautiful vacation home or thinking of how you could profit from having second-home rental income, now may be the perfect time for you to consider investing in a second home. So what are some of the things you need to know before heading out into the market?
One of the most important things: Evaluate your needs and long-term goals. You need to consider what type of second home best suits the way you will use your home. Are you looking for a weekend getaway or as a future place to retire and relax? For weekend getaways, the drive time from your primary residence to your second home should be long enough to escape the trials of the week but short enough that you don't waste relaxation time on the road. Usually purchasing within a day's drive is a good rule of thumb. If you're looking for that perfect place for retirement you may want to check out the health care available in the area and how the home may meet any of your future needs.
Another tip is to Resist the urge to impulse buy. A vacation in that little spot of heaven can cause you to leap before you look. Now, if it is an area like Smith Mountain Lake, it is understandable that you might be ready to sign up early!! It doesn't get more breathtaking than that! However, you should always take a moment to research the home you are buying. This will prevent that dream vacation home from becoming a nightmare!!
One out of three homes sold in 2007 was a vacation home or investment property. As a final tip if you want to join that one of three buyer's group - ALWAYS use a local realtor!! They can help you understand the area market. They can also help you find the perfect second home that has all you could dream of. With a little help from the right agent, you could be the owner of your own vacation property!!!
Whether your idea of a second home is a beautiful lakeside property or even your own winery, Vicki Millehan can walk you through every step of the process! She came here 20 years ago and was so smitten with the area, she has made a career of promoting it. If you want to fall in love, then visit Smith Mountain Lake!! If you like it, then move here!!
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