Anchor Florida Realty LLC
Rod Banks, Anchor Florida Realty LLCPhone: (813) 245-4412
Email: [email protected]

Where Should You Buy a Second House?

by Rod Banks 02/11/2019

Purchasing a second home should be a fun, exciting experience. Yet homebuyers who fail to consider where they want to pursue a second residence may struggle to achieve their desired results.

If you know you want to buy a second home, it often helps to narrow your house search to residences in a select group of cities and towns. Then, you can evaluate available residences in your preferred cities and towns and boost the likelihood of finding a house that you can enjoy for years to come.

Of course, determining which cities and towns where you want to pursue a second house can be difficult. Yet there are lots of things you can do to hone your house search, including:

1. Evaluate Your Homebuying Budget

Your finances likely will play a major role in your ability to pursue and acquire a second residence. As such, you should examine your finances closely so you can establish a homebuying budget.

If you have paid the mortgage on your current house, focus on the mortgage costs associated with a second home. For example, if you want to find out how much you can afford to pay for a second home, you can meet with bank and credit union mortgage specialists. This will allow you to get pre-approved for a mortgage so you can enter the real estate market with a budget in hand.

Comparatively, if you still have a mortgage on your present house, you should consult with your lender. This will allow you to determine if you qualify for a second mortgage. Also, you can get financial guidance so you can figure out where to search for a second house that falls in line with your finances.

2. Establish a Homebuying Timeline

Think about when you want to acquire a second residence. Next, you can create a homebuying timeline to help you achieve your desired homebuying goal.

A homebuying timeline should remain flexible. If you want to purchase a second home in the mountains, for example, you should account for the time it may take to transport various personal belongings to this residence. And if problems arise that delay your efforts to acquire a second home, you should be ready to adjust your homebuying timeline as needed.

3. Hire a Real Estate Agent

Let's face it – buying a second home is rarely simple, regardless of your property buying expertise. But if you hire a real estate agent, you can receive extensive assistance as you search for a second residence.

A real estate agent understands the ins and outs of the housing market. He or she will share real estate market insights with you, along with providing tips and recommendations. As a result, a real estate agent will help you find a second home in your preferred city or town as quickly as possible.

Take the guesswork out of finding and buying a second home in the city or town of your choice – use the aforementioned tips, and you could streamline your quest to acquire a second residence that matches your expectations.

About the Author
Author

Rod Banks

 

Residential and Commercial

Residential and commercial Florida real estate. Strong emphasis on verifiable customer service. 15 years experience. Both new home and foreclosure experience actively listing and selling properties with the general public, investors and asset management companies. HUD Local Listing Broker through Ofori Reo, Fannie Mae Master Listing Agreements through Chrisley Asset Management and RMS Asset Management, as well as, listing and selling properties for SunTrust Mortgage, LRES, NPR Asset Management, Kondaur Capital Corporation, Standard Asset, Meridian Asset Services, ABREO, Bayview Loan Servicing, HomeBanc Mortgage, RMS Asset Management, Single Source, Nationwide Servicing, and Prospect Mortgage. Equator Platinum, Short Sale and REO certified, REO BOSS certified. 3,000+ BPOs completed.

Affiliations

NRBA, NAREB, GTAR, NAR, MFRMLS,CPRES

Over 40 Years

Our family has been Real Estate professionals for over 40 years in the Tampa Bay area. Anchor Florida Realty has a complete understanding of NEW HOME, REO and SHORT SALE transaction management.

Education

Licensed Real Estate Broker #3104382

Mortgage Loan Originator #644769

General Lines Insurance License #P093986

Certified Probate Real Estate Specialist

A.A. Business Administration – St. Pete College 1991

B.S. Computer Science Engineering – USF 2000

Masters MMIS – NSU 2003