MANGROVE REALTY ASSOCIATES
Lori Madden, MANGROVE REALTY ASSOCIATES
Email: [email protected]

Can You Afford a Second House?

by Lori Madden 02/09/2020

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

Lori Madden

As a Florida native growing up in Sarasota, I have seen my hometown grow from a sleepy coastal town to a highly sought-after destination along the shores of the Gulf of Mexico. After working in Chicago for 5 years, I returned to Sarasota and saw it through a new lens and really began to appreciate what makes Sarasota so desirable, including temperatures that allow for year round outdoor activities including tennis (a personal favorite), golf, boating, kayaking, fishing, paddle boarding, or just relaxing and/or shelling on our pristine sandy shores, including Dr. Beach’s #1 beach in the United States for 2017, Siesta Key! Sarasota’s cultural amenities are many and diverse, appealing to a wide range of arts lovers. Downtown Sarasota has become a destination in itself, drawing many new developments for those who want to be within walking distance of Main Street's offerings and the picturesque bayfront and marina. Foodies will find an eclectic mix of locally owned and operated restaurants offering something for everyone, and there are now Farmers Markets every day of the week in various locations throughout Sarasota, but the Saturday morning Farmers Market in downtown Sarasota draws the biggest crowds. Since 1988, my passion has been selling real estate, representing both buyers and sellers. I have been recognized by my clients and customers for an uncompromising work ethic and dedication to helping them achieve their real estate goals. Relying on my experience as a real estate paralegal and being highly organized, I am able to help make the transition between contract and closing a smooth one for my clients. With an eye for interior and landscape design, I've been known to pitch in and help Sellers minimize and/or reorganize their belongings in order to stage their home to maximize its sale potential. I specialize in out of state buyers looking for their piece of paradise along the Gulf Coast and make it a priority to keep them up to date on our quickly changing local real estate market. I welcome the opportunity to share with you all Sarasota and her surrounding islands have to offer!