Coldwell Banker Residential Brokerage
Timothy Dent, Coldwell Banker Residential BrokeragePhone: (203) 470-5605
Email: [email protected]

Can You Afford a Second Residence?

by Timothy Dent 07/26/2020

If you have always wanted to own a second home in the mountains, near the beach or just about anywhere else, now may be the ideal time to transform your dream into a reality. The housing market offers many opportunities for property buyers – even those who already own a residence. If you understand what it takes to navigate the homebuying journey, you could quickly and effortlessly purchase a second house that matches or exceeds your expectations.

Ultimately, there are lots of things you can do to streamline your search for a second residence, such as:

1. Get Your Finances in Order

If you still have a mortgage on your current residence, there is no need to stress. In fact, by consulting with a mortgage specialist, you can evaluate your home financing options as you prepare to search for a second house.

Mortgage specialists are available at banks and credit unions, and they understand the ins and outs of home financing. Thus, mortgage specialists can help you analyze your current mortgage, establish a homebuying budget and determine the optimal financing option for a second house.

Of course, if your current house's mortgage is paid in full, mortgage specialists can still help you get ready to launch a search for a second residence. If you collaborate with mortgage specialists, you can get the help you need to immediately obtain financing to acquire a second house.

2. Narrow Your Home Search

You know you want to buy a second house – now, you just need to hone your house search based on your individual needs. If you focus on residences in a select group of cities and towns, you may quickly discover a wonderful house that you can enjoy for years to come.

As you consider potential cities and towns where you want to purchase a second home, think about your short- and long-term goals, too. By doing so, you can boost the likelihood of finding a second house that will suit you perfectly both now and in the future.

3. Consult with a Real Estate Agent

For those who want to acquire a second home sooner rather than later, hiring a real estate agent is a must. Because if you have a friendly, knowledgeable real estate agent at your side, you can minimize the risk of encountering roadblocks that otherwise could slow down your homebuying journey.

A real estate agent is happy to teach you about the housing market in your preferred cities and towns. Plus, he or she can offer expert recommendations about how much to offer to pay for a residence you want to acquire. And if you have concerns or questions as you pursue a second home, a real estate agent is ready to respond to them right away.

Take the guesswork out of finding and purchasing a second residence – use the aforementioned tips, and you could speed up your search for a second house.

About the Author
Author

Timothy Dent

I know that buying and selling a home is one of the most important things you will ever do, and I want to help make that experience as smooth and successful as possible. My extensive knowledge of the Ridgefield, Danbury, Redding, Wilton, and Weston real estate markets will benefit you, whether you are buying or selling a home in the area.

Buying? I will help you find the home of your dreams by taking the time to listen and understand your needs. Once I know what you want, I will work tirelessly to find the right property for you - no one should have to compromise when it comes to purchasing a home. 

Selling? I have extensive expertise in the Ridgefield, Danbury, Redding, Wilton, and Weston real estate markets and will ensure that you get the best price for your property. My finely-tuned marketing program will ensure that the right buyers see your home. 

I hope that you find my website to be a helpful source of information and visit often. Whether you are looking for homes for sale, moving and relocation resources, or even mortgage information everything you need is right here. Visit my Facebook (Tim Dent Real Estate Group) and Instagram (@timdentrealtor) pages or contact me directly at [email protected] or 203.470.5605. I am always available to answer your questions and to talk about your buying and selling needs. Be well, work hard, stay inspired!