4 Mistakes to Avoid When Purchasing Your Second Home

If you’re considering purchasing a second home, there are dozens of things to look forward to, and dozens of things to watch out for! To keep your pocketbook and your sanity intact, avoid these common mistakes when searching for your second home:

1. Not choosing the right destination

The destination is everything in the decision to purchase a second home. If you choose the wrong area for your second home, the chances are high that not only will you not visit it often, but that, when you do, you won’t enjoy your time there as much as you could.

With this in mind, dedicate some time to thinking hard about the destination you most want for your other home. Are you looking for a beachside paradise? A winter haven? A mountain getaway? No matter what your ideal location may be, putting in the effort to determine this now will save you from regretting your choice down the road.

2. Not considering building rather than buying

If you have the means and the time, building a second home may be a smarter decision than buying. In addition to the fact that this approach would allow you to get all of the features and fixtures you want in a dream home, it’s also an excellent way to develop a custom legacy that you can pass down to your kids and grandkids.

With this in mind, compare and contrast the choice of buying a home with the option of building a home. While they have different benefits and drawbacks, both are very worth your consideration.

3. Not factoring in your long-term budget

If you’re not careful, a second home can quickly become an albatross that’s difficult to afford. With this in mind, take the time needed to ensure you’re making a smart financial decision, and that your choice to buy a second home will be functional for you and your family, both now and in the future.

4. Not thinking about whether the home is somewhere you’d like to retire

Sure, you love the mountains in the summer, but can you deal with the cold and the snow in the winter? If not, it may be worthwhile to take a second look at the viability of your second home, and whether it’s a place you’d like to spend lots of time, year-round, both now and in the future. This decision is a tough one to make, but it can save you plenty of time and stress down the road.

A Second Home: The Destination of a Lifetime

Your second home should be a welcome escape and an exciting move, not something that causes you stress and angst. With this in mind, avoiding these four common mistakes can make all the difference. While it’s easy to get caught up in the thrill of purchasing a second home, it’s wise to slow down and consider things like your long-term budget, the ideal destination, and your retirement plans before you buy the second home, rather than regretting them after the fact.