What You Need to Know About Buying a Second Home

Property Tax Reduction Consultants

125 Jericho Turnpike, Suite 500 
Jericho, NY 11753

(516) 484-0654 or (631) 484-0654

Whether it be a vacation home in a different state, a summer house on the beach, or maybe even a retirement home, buying a second home is something a lot of people consider when the budget and timing is right. However, just because you've bought a first home already and are familiar with the process, that doesn't necessarily mean you can jump right into it again and make quick decisions - this too requires time and research to ensure that you're making smart choices (after all, this house is another investment).

If a second home has been on your mind lately, here are 5 important things you must know:

1. Don't buy anything on impulse.
As much as you may have that gut feeling, don't sign on the dotted line for the first home you see. Even if that does become the home you end up buying, you should see a few different options before making a final decision to ensure that you're 110% satisfied with your purchase.

2. Understand your long term goals.
What's the reason behind purchasing a second home? Are you looking for something nearby to get away to for a few years? Or, are you looking for some place that you will eventually retire too? Having a clear understanding of why you're buying a second home and what you plan to do with it in the future will really help you as you evaluate different properties.

3. You'll need to get to know the area.
Particularly for those with a vacation home in mind, it's important that you get to know your destination from the point of view of someone who is a resident, rather than a tourist. Even if you vacation to this place frequently, you may have different thoughts about it when you learn what's it like to live there full time. 

4. Consider maintenance needs.
The amount of time you plan to spend in your second home will play a big role in how much maintenance you're willing to do on your own. For example, if you're only there for a few months out of the year, will you be willing to travel to the home at other times of the year to take care of maintenance tasks? Understanding this will help you determine what type of home you should be looking for - for example, single family vs. a condo.

5. Know where your income is coming from.
Will your every day salary or savings be able to cover your second mortgage, or do you have plans to rent out the home when you aren't there? If renting is something you're considering to cover the cost of your second home, you then need to understand what it means to be a landlord and become familiar with all of the responsibilities that comes along with it.

For those of you planning to buy a second home on Long Island, we at P.T.R.C. Inc. are here to help if you have concerns about your new property taxes. We have been specializing in reducing Long Island property taxes since 1990 and have secured millions of dollars in refunds and reductions for our clients!

To learn more about what we do and how we can help you next, please call (516) or (631) 484-0654 or email info@ptrc.com today.