How to buy a second Home or cottage0
How to buy a second Home or cottage
If 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
- 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.
- 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.
- 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.
- 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 email@example.com.