| real estate |
3 questions to ask yourself before buying a vacation home
Are you considering buying a vacation home to spend your summers or weekends ? Whether you want to buy a cabin a few hours away or a villa in the south of Spain , here are a few questions to ask yourself before taking the plunge .
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1 . How much will it cost ? On top of the mortgage and down payment , you must factor in expenses like property taxes , insurance , utilities and maintenance fees . You should also budget for future renovations and upgrades .
2 . Can you afford it ? As a rule of thumb , your mortgage payments and other forms of debt should account for less than 36 percent of your monthly gross income . If you think buying a vacation home will put you over this threshold , it may not be the right time to invest .
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Richard W . Cook Broker / Owner |
Brian Lameier Sales |
Photo by Andy Holmes on Unsplash |
3 . How will you use it ? It ’ s essential to decide whether the property will be used exclusively as a second home or a rental property . This will determine , among other things , where the house is located and how big it needs to be .
Contact a real estate agent in your area to start house hunting today . n
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30 Summer 2023 | Thomasville Scene