How to Buy Candlewood Lake Properties as Second Home
How to Buy Candlewood Lake Properties as Second Home
There are different reasons for wanting to buy a second home. Some may want a vacation getaway. Others are seeking rental income. And there are those who are looking for a possible retirement home. If you are thinking of buying Candlewood Lake and Lake Lillinonah properties as your second home, weight all the pros and cons before signing that deal.
Read on for some information on how to make the purchase of your second home a success.
1. Avoid impulse buying
Make a thorough research before making a purchase. Don’t buy on a whim or you might find yourself with a second home you cannot afford or does not satisfy your needs. Tie up your likely expenses and consider other aspects before making that major financial move.
2. Scout the market
One of the most sensible way to start the search for Candlewood Lake real estate is to find a real estate agent who is familiar with the location. The expert can give you information about weather and traffic patterns which can help you evaluate the properties and the amenities.
3. Assess your needs and goals
Determine what type of second home suits your lifestyle. If it will be used as a weekend getaway, you should stay within a day’s drive from your primary home. If the property will be used as a retirement home someday, check the residence’s accessibility and the health care services nearby.
4. Prepare for the Tax Implications
Remember that you have to take care of both property taxes as second-home owner. If you are planning to rent out your Candlewood Lake home, you also have to consider the income tax. Make an advance planning to save yourself thousands of dollars a year.
5. Create a list of possible expenses
Make a list of expenses of managing two homes. Can you fit these expenses into your budget with a little extra to spare? If investing in a second home will leave you penniless, you may be better waiting off until you have paid off your first mortgage.
6. Protect your second home
Make sure to protect your second home. Surely you do not want your investment to go down the drain? Get a home inspection before purchasing so you will be aware of any possible problem or damage. Get a title insurance and a hazard insurance.
Whether you’re dreaming of paradise or profit, follow these six tips for a smart investment. For more tips on buying or selling a home in Candlewood Lake, visit http://www.CandlewoodLakeCTRealEstate.com
