Coco, Early & Associates

Can You Afford a Second Residence?

by Mary Lou Buckley 03/22/2020

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

Mary Lou Buckley

A full-time Realtor © for 25 years, MaryLou has transacted business from raw land sales to luxury homes in both New Hampshire and Massachusetts. She prides herself in having a diversified background, and great local knowledge of the southern New Hampshire and northeast Massachusetts markets. A prior product manager in the electronics industry, MaryLou takes pride in her marketing knowledge and skills.  

Her hard work and dedication to each client has resulted in quality relationships with buyers and sellers as well as consistent leadership awards. Her commitment to the industry in general has been demonstrated by her service on the Granite State South Board of Realtors Board of directors, the Granite State South Board of Realtors Ethics Committee, as well as membership in the New Hampshire Association of Realtors, Massachusetts Association of Realtors, Northern New England Real Estate Network (NH Multiple Listing) and Massachusetts Property Information Network (MA Multiple Listing).

She is a consistent multi-million dollar producer who credits her success with the repeat referral business from her past and present clients. They have helped her become a highly respected and recognized Realtor © within the community.

A resident of southern New Hampshire for 27 years, MaryLou lives in Atkinson with her husband, Michael.