Wanting More From Your Huntsville Alabama Home? Buying A Second Home?
Wanting More From Your Huntsville Alabama Home? Buying A Second Home?
Your Huntsville Alabama Home
When your Huntsville Alabama Home is not giving you the lifestyle you need should you consider buying a second home? With interest rates still at all time lows and no shortage of sellers willing to deal this could be the time that purchasing a second home makes sense, however, as with all financial decisions you have options and there are several things to consider before buying that second home.
From a purely economic point of view, ask yourself; does buying a second home make sense financially? Remember that there is not only the mortgage payments, but also maintenance and potentially paying a property manager if you plan to rent out your home. Consider where you might want to purchase a second home; travel times, coastal properties usually have higher insurance premiums as well as homes with cedar shake roofs. How about the kind of second home you want to buy. A town home or condominium may require less upkeep, however there can be substantial extra fees associated with those types of properties.
Huntsville and Northern Alabama have a wide range of outdoor activities that you may want to be near. For the avid golfer there's The Robert Trent Golf Trail, or Hiking and getting above it all try Monte Sano or Joe Wheeler State Parks. For water sports there's Ditto Landing, Lewis Smith Lake and Lake Guntersville to name a few. And don't forget about the Gulf of Mexico where you'll find Mobile & Gulf Shores Alabama straight down I-65.
Consulting your tax professional is a must to research the tax implications of owning a second home, both in terms of property taxes and income taxes. Think about how you will be paying for your home. The more money you put down, the better. Perhaps a family member can help with some of the down payment to save on interest. You might consider partnering on a second home with another couple. This could be a good idea if you are only interested in using your home for a getaway for only part of the year. Buying a second home? It's a big decision, so be sure not to rush into it and carefully weigh your options before purchasing that second home.
Here are a few areas that might interest you as second or primary homes:
Gunters Landing & Signal Point
If you need a knowledgeable real estate professional in Madison or Huntsville Alabama area, why don't you let me Google that for you! I also know outstanding agents in all states and Canada should you need help relocating to a new area.
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