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Factors to Consider Before You Buy a Second Home

by Kowalsky Realty, LLC 01/26/2020

The decision to purchase a second home may be one of the biggest choices you will make in your lifetime. As such, it is important to consider all of the factors associated with a house purchase before you embark on a quest to acquire a second residence.

Now, let's take a look at three key factors to evaluate as you weigh the pros and cons of purchasing a second home.

1. Your Current House

Consider the state of your current house – you will be happy you did. If you assess your current residence, you may be better equipped than ever before to determine if now is a good time to start a search for a second house.

For instance, if your home needs a new roof or requires other repairs, you may want to complete these improvements first. After these house repairs are finished, you then can kick off a search for your second house. Perhaps most importantly, you can launch this home search with the reassurance that your current house is in good shape and likely won't require significant repairs in the near future.

2. Your Finances

If you still have a mortgage on your current house, you may want to focus on paying that off first. Once your mortgage is paid in full, you can conduct a search for a second house without having to worry about paying two mortgages at once.

Of course, if your current house's mortgage is paid in full, you should still evaluate your finances closely. Ensure you have sufficient finances to cover a mortgage for a second house, as well as your everyday expenses. By doing so, you can hone your search for a second house to residences that fall within your price range.

3. Your Immediate and Long-Term Plans

Think about why you want to buy a second home in the first place. Then, you can determine how this decision may impact your immediate and long-term term plans.

For example, if you want to return to college, buying a second home may affect how much money you have at your disposal that you can use to go back to school. On the other hand, if you hope to get a work promotion in the foreseeable future, you soon may have additional funds to help you make your dream of owning a second home come true.

As you decide whether to launch the search for a second house, take some time to consult with a real estate agent. A real estate agent is a homebuying expert, and he or she can provide housing market insights that you may struggle to obtain elsewhere. Plus, a real estate agent will guide you along the homebuying journey and can help you acquire a top-notch house at a budget-friendly price.

Account for these factors before you start your search, that way you can make an informed decision about whether now is the ideal time to pursue a second residence.

About the Author

Kowalsky Realty, LLC

Living in Colorado for 25 years now, Terry and Maureen Kowalsky are as optimistic as ever about the real estate market, crediting the state’s high quality of life for its consistent growth. To date, they have bought and sold properties in Littleton, Frisco, and Castle Rock, and they are always eager to share their knowledge with New Coloradans and natives alike.

Prior to going into real estate, Terry worked in technology sales and Maureen worked as a teacher. He learned early in his career to focus on service, and his attention to detail, and strong communication skills serve as welcome experience throughout the buying and selling processes. She, on the other hand, mastered proactive guidance and advocacy while she was teaching, making her especially capable of representing clients’ best interests.

Both astute problem solvers, Terry and Maureen put their clients’ needs above everything else, listening first and foremost in order to understand just what the task at hand involves. They pride themselves on their ability to guide people toward homes rather than just houses, a pride that shines through in the way they carry themselves and approaches their day-to-day work. Perhaps most important of all, they ensure their clients’ comfort, educating those they serve on the details of the real estate market and reviewing every relevant variable, from location value to property type to pricing to building requirements to zoning.

In the course of their careers, Terry and Maureen have each won awards in their respective industries. They also take an active interest in the Denver community, volunteering often and supporting civic organizations. In their free time, they enjoy the Colorado outdoor living experience including skiing,snowshoeing, hiking, fly-fishing, and sampling our locally-brewed beers.

Terry grew up in Cleveland, and Maureen grew up in Los Angeles. They have been married since 1989 and moved to Littleton to raise their family in 1994.