How to buy a second Home or cottage

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How to buy a second Home or cottage

Merlynn%20MullenIf you have been toying with the idea of buying a second home or cottage, now may be the time to take the leap with interest rates still historically low.  The key to financing a second home is your ability to afford it.  Here are some helpful tips for helping you find that
#homeawayfromhome.

  1. Scouting the market – One way to start off the search is finding a real estate agent who is familiar with your desired location.  Brad Nelson and Kelli Lovell are two exceptional real estate agents in the #bobcaygeon area.  #Port32 is one of the most sought after markets in The Kawarthas.  They can help you evaluate the location and amenities of a property and provide information of comparable sales.
  2. Get a mortgage pre-approval – A mortgage pre-approval will give you the confidence of knowing that financing is available, and it can put you in a very positive negotiation position against other home-buyers who are not pre-approved.  #merlynnthemortgagemagician can help you out with any financing options for your second home or cottage dream.
  3. Check out insurance – Having a separate policy specifically for second homes is usually a smart move.  Your vacation home or second home will likely have some insurance hazards that your main home does not.  By creating a separate policy, you can tailor coverage options that make sense for your circumstances.
  4. Save.  Then save some more. – How much money can you put aside for your second home mortgage and down payment?  If you are selling your first home to finance the second home – sitting aside a minimum of six months payments for both properties is recommended.   Remember: the bigger the down payment, the less interest you will have to pay overall.

If you would like to learn more about buying a second home and how to easily secure financing, please feel free to contact Merlynn Mullen at 705-328-4985 or merlynn@ndlc.ca.

June 7, 2016 |

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