It may surprise you that sales of second properties (vacation and investment homes) in the U.S. is about 1/3 of all home sales. That’s a significant number of individuals looking to buy their second home! (You can find many useful facts and statistics at The National Association of Realtors website.)
Here in Flagler County, especially in the coastal communities, there is a demographic who often contact me: Individuals who live in other (mostly Northern) states, but who yearn to purchase a second home to use as a vacation home.
It’s Exciting, BUT…
Of course, the vision of purchasing a second home on (or near) the ocean or intra-coastal waterways is one that many would like to make a reality! Spending the winters in sunny Florida and being able to escape the cold in the North is certainly enticing! This vision is common for those who are retired.
Another situation I often encounter is one where individuals are still working, but they are preparing for retirement, or really love the idea of purchasing a second home they can escape to a few times a year, while perhaps renting it out during times when they can’t be there.
You can probably guess that the biggest concern people have when investigating the possibility of purchasing a second home is whether they can afford it. Most people look at the sales price of the home and don’t place enough emphasis on things like property taxes, insurance, utilities, and maintenance fees. Of course, knowing that you can afford the monthly mortgage payment is also a must.
A Few Things to Think About
Before making the big decision to go for that second home, take a deep breath, along with some time to really think things through. Consider the following:
• What is the main reason I want a second home?
• How often do I plan on being at the home?
• Will I let it sit empty when I’m not there, or will I rent it out? Have I considered the expenses involved and the consequences of each of these two options?
• Am I truly aware of all the expenses involved in owning a second home, such as maintenance and potential expenses for unexpected repairs or replacement of such things as air conditioners and/or heaters?
• Bottom line: Is a second home something I am financially ready to take on?
Contact Dana for a Free Consultation
It’s always helpful to talk things through with an expert! I can sit down with you to discuss your circumstances, needs, and desires, so that you can make the right decision. And since I live in Flagler County, in a coastal community, I have firsthand experience about what it’s like living here. I would love to help you find your perfect new home in the area.
However, being a native Floridian, and having lived in many areas around the state, I can also help you understand the cultural and lifestyle differences all around Florida; help you determine what part of this amazing state fits you best; and then make the appropriate referrals, if necessary.
Also remember, if you’re thinking about selling your home, I can help with that, too.
I look forward to your call!
Dana Davis
Dana Davis Properties
386-569-4998