Are you thinking about buying a second home, but you don’t have any idea about the most important considerations? The first consideration when buying a second home is how it would affect your daily expenses. Some of the homes have all the luxuries and facilities that a house owner can dream about, but the monthly payments are just way beyond your reach. Hence, you must find out the costs of a home and monthly payments.
The next thing you should consider for buying a second home is your location. There are many second home buyers who buy properties in remote areas where they must travel to the nearest town to get groceries. The choice of location will depend on what you are looking for – a coastal retreat, a country cottage or an inner-city apartment? You need to find out the amount of space required for a second home and how much you are willing to spend on it. Remember that if you sell your first home within 3 years of buying a second home, you can Reclaim Stamp Duty. Find out more about how to Reclaim Stamp Duty at sentient SDLT.
You should find out the property’s proximity to your place of employment. Are you working in a busy urban area or living in a rural place? You should also determine the kind of people who live nearby. You should do proper research before investing in a second home. This will ensure that you don’t fall for houses that are located far away from where you want to live. All the mentioned points must be considered before purchasing a house.