Boca Mortgage Blog

Questions To Ask Before Buying A Second Home

July 9th, 2014 1:55 PM by Leonard Silvestri

 Buying a second home is a major undertaking, and it should be thoroughly considered beforehand. That being said, a second home can provide so many benefits for you and your family that if you are financially ready, it can be an excellent investment. The following article explores all the questions you should ask yourself prior to buying a home.

A good rule of thumb to consider? Budget about 1 percent of the home's purchase price for annual maintenance. So if you bought a $300,000 home, set aside $3,000 a year for such common pop-up costs as an emergency plumbing repair or a new furnace. And if you have an older home that could present more issues or if you plan to rent it, aim for 1.25 percent to cover extra repairs.

Posted in:General
Posted by Leonard Silvestri on July 9th, 2014 1:55 PM


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