Tips for Second Home Buyers
Shopping for and buying a Cape Cod condo as a second home is much like the process for the first home. It’s important to remember certain tips when beginning the second home search. After you have decided it is somewhere you feel safe and will visit enough to make it worth the money, there are some things to keep in mind including:
• Be patient and don’t rush into anything (it usually takes time to find the perfect Cape Cod condo).
• What are the pros and cons of each condo? (and compare them)
• Is it located near a Medical Facility?
• Do you feel safe and secure in the area?
• Are the Groceries, Pharmacies, Banks, Shops, etc… close by?
• Are there recreational amenities located on the property or nearby?
When choosing a Cape Cod condo as a second home, you can be assured the answer to all of the questions above is going to be yes. Everyday lifestyle amenities, such as hairstylists, dry cleaners, pharmacies, grocery stores, and more will be located near many of the available Cape Cod condos you may be considering as a second home.
Considerations To Focus On When Shopping for a Cape Cod Condo Second Home
There are several things to contemplate before moving forward with your Cape Cod condo purchase, which include:
• Research everything about the condo and area including:
1. Ease of maintaining
2. Maintenance Costs and fees
3. Landscaping needs and upkeep required
4. Annual costs for garbage pickup, taxes, insurance, utility bills, etc…
5. Restrictions and covenants
6. Home Owner Association rules and dues
7. Appreciation/Depreciation of surrounding Cape Cod condominiums
8. Is it above, below or about average with surrounding condos?
• Verify the type of insurance you will need and if you can get it/afford it
• If you have fully researched and found what you want, don’t wait around thinking the price will go down; someone else may like it as much as you do.
Dealing With a Second Mortgage
If you are buying a condo as a second home, you will now have additional payments to make. You will need to research your loan and mortgage options. Most standards and rates on your second home will be the same as your primary residence. However, if the lender considers the condo second home as investment property the interest rates can go up as much as two percentage points. You will need to determine this before you finalize everything. If you are considering a Cape Cod condo as a second home, you may use the equity in your primary home by taking a home equity loan or an equity line of credit. If you do borrow from the equity of your primary residence, you can write off interest from your federal income taxes, but only on the first $100,000 of the equity debt.
What To Remember About Buying a Cape Cod Vacation Home!
If you are considering a Cape Cod condo as a second home and have weighed all the considerations and researched all the avenues then you are probably prepared to make a condo selection. To start the process, contact me, Steve Clay and my team of real estate professionals at JustCapeCondos.com. We are ready to help you in every step of the Cape Cod condo search process.