10 Tips for Buying a Second Home

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10 Tips for Buying a Second Home

• HouseValueStore.Com

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• Home owners who stuck with their mortgage
  obligations throughout the recession and beyond
  are now enjoying the advantages of incredible
  credit. Banks and lending organizations make
  buying a first home difficult, but those who have
  proof that they pay their bills on time month
  after month and year after year and now have
  assets can easily get financing for a second
  home.

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• Demand for second homes is on the rise,
  especially in coastal regions. Homeowners can
  easily take advantage of sluggish markets, low
  interest rates and good opportunities. Whether
  you are investing to make a profit or to make
  your dream come true, follow these 10 smart
  investing tips for the best outcome
• Know the area where you want to make a purchase.
  Do you have roots there? How about friends? Do
  you spend enough time there to warrant a major
  purchase? If your only experience in the area is
  vacation, pause before you buy. Get a good look
  at the town from a residents perspective.
  Certainly speak with locals about the advantages
  and disadvantages to home ownership and life in
  the area.
• Take your time before making a decision. A second
  home purchase is a weighty decision and cannot be
  made lightly. Do your research and try to get
  insider information about new businesses and
  development plans coming to locations near your
  prospective vacation home. This is essential to
  ensuring you are making the type of investment
  you want to make.

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1300 South ORANGE Drive, Los Angeles, CA 90019
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• Set your goals for the future and evaluate if
  this purchase is in line with those goals. Is
  this second home going to be a primary residence
  after retirement? If so, this limits your
  purchase options. Additionally, you will need to
  look into healthcare service availability for the
  future and the homes handicap accessibility.
• Analyze your purchase options. You could lower
  your costs by purchasing a timeshare or
  fractionalized ownership. Keep in mind that by
  doing this, you are limiting when and for how
  long you are allowed to use your vacation home.
  You will have to work with others on scheduling
  usage.
• 5. Compare housing types. Which one is right
  for you? A homes construction material is
  important when considering maintenance costs for
  the future. Remodeling or handicap friendly
  installations are expensive too. Proximity to
  neighbors, jobs, schools and entertainment are
  important as well.

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1300 South ORANGE Drive
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846 East 77th Street, Los Angeles, CA 90001
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• Speak with local real estate experts. A good
  agent can help you find the home of your dreams,
  but also gives you the low-down on the local
  culture and reality of living in the area.
• Take your time choosing a lender. The financial
  markets are continuously evolving and are able to
  offer new rates or special incentives based upon
  market fluctuations.
• Seek out and identify hidden costs and
  requirements. Is your dream home located in an
  area controlled by an HOA? Will you be required
  to purchase a country club membership as a part
  of living within a community? Be sure to
  calculate insurance and tax costs too. Remember
  that the average home

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3323 UPLAND TERRACE NORTHWEST, Washington, DC
20015
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• What are the tax implications of purchasing a
  second home? The HouseValueStore.com suggests
  that you speak with a CPA before making a
  purchase, especially if your investment property
  will be occupied by renters.
• Decide whether or not you want to rent your
  vacation home to others or not. Rental incomes
  can be exceptional during tourist seasons, and
  your investment may pay for itself if you are
  smart about it.

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• A second home can be an excellent investment for
  those in a position to take full advantage of
  their purchase. Take your time, be smart, and
  your investment will pay off for decades to come.
  
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