Keep These Tips in Mind When Looking for Your Second Home

buying a second home space coast real estate

Posted: November 6th, 2019

Did you know that over 9 million Americans reported owning a second home in 2018? Many families and single homeowners alike have discovered the wonderful new opportunities that come with owning a second home, and with so many opportunities arising in the Space Coast, it’s no wonder so many buyers are keeping an eye on our market.

Whether you choose a home that’s a few hours away from your current community or in a completely different state, buying a second house may take some different considerations than buying your first home did. From the Space Coast real estate experts at Ellingson Properties, here are 3 tips to keep in mind when you’re searching for the perfect second home:

Consider finances carefully. When in the initial stages of planning for your second home, you may think that doubling your current expenses will cover your budgeting, but you’ll want to rethink that strategy. Especially if you’re purchasing real estate in a different state, keep in mind that utilities, taxes, and other common home expenses vary widely by region. You’ll need to do extensive research on the area you have in mind.
Keep the weather in mind. It may sound like it would be of no consequence, but as you probably know, different regions of the country experience different kinds of weather-based emergencies. It’s important to prepare your home for those emergencies, especially if you don’t expect to visit your home during the rough weather seasons. For example, if you’re moving from Massachusetts to the Space Coast, you’ll need to make your home hurricane-safe; if you’re going the opposite direction, prepare for all the issues that come with snow.
Buying may be a better option than building. Many people who think about getting a second home want to build so that they can actualize their dream homes, but buying may be a better option. Building from the ground up often comes with unexpected expenses and timelines have a tendency to drag on, leaving you stuck in your current place. Buying an existing home can give you access to the area you love without breaking the bank or wasting time.

Purchasing a second home opens up a lot of opportunities, from extended vacations to remote working opportunities. And it’s not just for retirees - many people in their thirties are starting to look into purchasing second homes for themselves and their families. If you’re ready to find your second home in the Space Coast, the real estate team at Ellingson Properties has the right home for you. To learn more, call 321-750-7050.