• Home » 5 Things to Consider When Buying a Second Home

5 Things to Consider When Buying a Second Home

Purchasing a second residence is always a significant decision, especially if you intend to use it as a vacation home. Of course, there are many considerations to take into account beforehand, not the least of which is accounting for the associated costs of owning multiple properties for personal use. When you feel fully prepared to start looking for a second home, here are several additional factors to consider.

Cater to Your Lifestyle
While your primary residence likely caters to essential aspects of your daily life, such as proximity to schools and jobs, luxury buyers often seek a second home that supports their personal interests and provides access to a coveted lifestyle. Whether that means living in a golf community, in the mountains, or along the coast, this home should provide you and your family with a place to make special memories.

Accessibility
Are you willing to hop on a plane every time you go to your vacation property? Or is it essential that it be a car ride away? It’s important to consider how, and how often, you plan to use this home. If you anticipate it being used for extended stays, perhaps you’re willing to travel a bit further, whereas you’ll probably want a weekend destination to be closer to your main residence. 

Seasonal or Year-Round
For some buyers, a deciding factor when choosing between two locations can be the amount of usage that they’ll get out of the home. While some properties can only be enjoyed for part of the year, one that has year-round appeal will allow you to get the most out of it. 

Long Term Goals
Be sure to discuss how this property aligns with your long term goals with your financial planner. Whether you see it as a short-term investment or a place where you can retire someday, a second home is a significant asset that can help you to achieve your financial goals.

Work With a Local Specialist
Make sure that your real estate agent has proven experience in the area. Second home markets can be significantly different from a primary market, even if they are just a car ride away, which is why it’s always recommended to work with a professional who has an intimate understanding of the location that you’re looking in. 

Published with permission from RISMedia.

Our Offices

Brooklyn Office

361 Nostrand Ave

Brooklyn, NY 11216

718.395.5626

Elmhurst Office

76-26 Broadway

Elmhurst, NY 11373

718.446.1300

Wantagh Office

1897 Wantagh Avenue

Wantagh, NY 11793

516.826.4600

East Meadow Office

1856 Hempstead Tpke

East Meadow, NY 11554

516.796.8900

Fresh Meadows Office

188-13 Union Turnpike

Fresh Meadows, NY 11366

718.206.1340

Syosset Office

40 Underhill Blvd.

Syosset, NY 11791

516.826.2100

Oceanside Office

2911 Long Beach Road

Oceanside, NY 11572

516.223.2525

Long Beach Office

284 W Park Ave

Long Beach, NY 11561

516.665.2000

Merrick Office

55 Merrick Avenue

Merrick, NY 11566

516.302.8500

Farmingdale Office

392 Conklin Street

Farmingdale, NY 11735

516.293.2323

Franklin Square Office

1069 Hempstead Turnpike

Franklin Square, NY 11010

516.825.6511

Hicksville Office

10 Stewart Ave

Hicksville, NY 11801

516.334.4333

The CENTURY 21 American Homes App

Download the CENTURY 21 American Homes app to take your search on the go and access your saved homes and searches from anywhere. Try it for free and get notifications directly on your phone about new homes on the market!