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The Mary Ellen Vanaken Team of Keller Williams Realty - http://www.mevhomes.com
Thinking about buying a second home in Georgia? Whether you're looking for an investment property, a vacation home, a place for your college student, or a place to eventually retire, consider these important points:
1: Does A Second Home Make Financial Sense
You want your second house purchase to be a sound financial move. Tally up your expenses, factoring in any extra costs based on the fact that you won't be there every day (such as hiring a management company). Build up your cash reserve, and, if you plan on renting out the property, determine how much you can expect from rental income.
2: Where And What Type of Home Will You Buy
A home in a badly chosen location will have a hard time reselling or renting. Rely on market research and your own personal preferences. Look into the strength of the local economy, trends in house resale values, convenience and amenities, property tax rates, the quality of local schools and medical care, and more.
3: Look At The Tax Implications
Second-home owners need to worry about both property taxes (which vary by state and locality) and, if renting out the place, income tax. A little advance planning during the house-hunting process can save you thousands of dollars a year.
4: Come up With Short-Term Cash and Long-Term Financing
Most people pay for their home with a combination of a down payment and a loan for the remaining amount. The higher your down payment, the lower the loan, and the more house you can therefore afford. By reviewing the various mortgage options and sample payment schedules and factoring in your own short- and long-term goals, you should be able to find a mortgage that suits you.
5: Consider Other Financing Methods
Consider borrowing from parents, siblings, or close friends lets you keep the tens of thousands of dollars in interest you'll pay over the life of your mortgage loan within your circle, rather than handing it over to a bank. Or consider partnering with another purchaser; for example; sharing a vacation home in the sun. Shared ownership is a growing trend.
6: Be A Prepared Landlord
Some second-home owners plan to rent out their properties long-term with the idea of eventually turning a profit. Others just want to rent out their property periodically as a means to offset expenses. Finding good tenants or trustworthy vacation renters, understanding and preparing leases or short-term agreements, and dealing with ongoing management and repairs are issues to consider.
7: Protect Your Second Home
Protect your second home before you buy. Get a home inspection prior to purchasing. You may need to purchase title insurance in case problems surface after the purchase. Lenders require hazard insurance, to protect your property against damage from such causes as theft, fire, flooding, or windstorms. The cost of insurance for second homes is usually higher than for first homes, since you won't be there as much.
Are you considering buying a second home in Georgia? Then contact The Mary Ellen Vanaken Team of Keller Williams Realty today - http://www.mevhomes.com. The Vanaken Team has over 15+ years experience and expertise in the North Atlanta communities of Alpharetta, Cumming, Duluth, Roswell, Sandy Springs and Dunwoody. The experience, dedication and strong communication you'll receive here will help ensure the successful and profitable sale of your home.
1. The Local Advantage - Take advantage of a broad spectrum of technologies and tools to support the sale of your home from start to close.
2. Internet Advertising - Since the lion's share of home buyers starts their search on the internet, top placement on search engines is essential. You'll gain access to placement on Google, MSNBC, and other websites. This will maximize your exposure and bring a large number of potential buyers to view information about your home.
3. Email Campaigns - It's important to "work the network." We can work together to identify the right people to target your home-and get in touch with them by email to drive excitement and interest.
4. Personal Touch - Of course, technology alone won't sell your home. Face-to-face interaction provides the advantage to sell your home-and you won't have to worry about a thing. The details will be handled with care and constant communication, to ensure the marketing and sale of your home go smoothly.