The concept of having a second home both causes excitement and thrill. It is indeed a big deal even for those who are super flush and can straight up pay cash for a home because it’s still a huge expense.
But why is it worth it? For some, they want it for a vacation getaway, some for the purpose of generating rental income, while others stack it up for their retirement. Before diving into that investment, here are some things to consider before buying your second home.
Assess the full financial impact
Can you afford all the expenses of buying a new home, as well as the financial responsibilities even after the title is fully yours? Even if you can, are you willing to sacrifice other things that you can otherwise afford if you don’t buy your second home?
When buying a property, it is important that you get a price you can comfortably afford. Your expenses do not end after the purchase. You will also have maintenance costs, monthly utilities, annual property taxes, association fees, and many others, so make sure to monitor your funds regularly and develop a strict budgeting for yourself.
Get to know the area
Location is always the key factor in real estate. If you’re buying a new property, you need to make sure it’s situated in an area you will enjoy for years, and not just for a certain season.
You may want to consider talking to locals to get to know their thoughts about the area, and check out its appreciation potential. Are there future planned developments? Would it be more accessible? Take a good look at the community where you’re planning to build your new home.
Another thing to consider for second homes are the terrain you want to build your property. Are you considering a beach home such as those offered by Anvaya and Punta Fuego, or a more exclusive mountain community similar to what Antipolo real estate has to offer.
Anvaya is a popular choice among the affluent for their second homes.
Evaluate your needs and long-term goals
While a second home is actually a good investment, you would still need to assess your why. Why do you want (or need) a second home? Are you considering getting into the Airbnb business? Is it for a weekend place, or more of your retirement spot? If it’s the latter, you might need to assess your home’s accessibility to your needs such as some clinics or health care services, markets, etc. Also, you might not want a four-story house when you’re already 70 years old as it might take a toll on your aging knees. Be realistic about what type of second home suits your lifestyle in the long term.
Take your pick: Property in Punta Fuego or property in Eastland Heights?
Work with a local real estate agent
Getting a property that best suits your requirements, plus the processes that come with it can be very daunting. This is why hiring a professional is worth it even if it costs extra. They can help you get the best deals for your desired property and save your time from going back and forth to fix your property’s papers.
Although you might think that you already know the place too well, a real estate professional surely has the expertise to score you a jackpot deal.
While we’re at that, if you want to learn more about Antipolo properties, and you’re finding a new home in the area, I’m your guy! For inquiries, you may contact me at 0927 957 2503 or shoot me an email at danielantonalleje@gmail.com.