March 28, 2013

Is It Time to Buy a Second Home?

Since interest rates are still floating around 3.7% for a 30-year fixed and 2.9% for a 15-year fixed mortgage, now may be the time to consider buying a second home.

There are many reasons to consider a second home. Perhaps you are simply looking for a vacation getaway. In the Seattle area, there are many beautiful and scenic areas nearby that are perfect for vacation homes. Beach bungalows, lake houses, wooded retreats, mountain cabins, and even horse farms are all within an arm’s reach of the Puget Sound region.

Before deciding on a vacation property, be sure to investigate the area thoroughly.  Visit the place during different times of the year to see how you like it in different seasons. Pick up a local newspaper to get a better sense of the area. Test drive to the location at peak times, and look for alternate routes to your potential spot. If you might retire in your second home one day, make sure that there is quality, accessible health care nearby. Access whether you would consider just a single family home or a condominium. Many condos have relatively low maintenance, making them a good option if they are farther away from your primary residence.  Team Troy has all the resources you need to help you with the real estate side of things. Be sure to contact us today with any questions you may have about this exciting venture: 206-588-8409.

Perhaps you are looking at a second home as more of an investment opportunity. In this case, you might consider a place right here in Seattle. Rents are relatively high; an average one bedroom rents for $1,300, and an average two bedroom rents for over $1,700 in Seattle. Now may be the right climate to generate income from a property that is fixed at a low rate.  Team Troy specializes in real estate investments, and even have a designated specialist who can help you find exactly what you’re looking for. If you want to do a quick search, check out our exclusive property search here.

Average Rents in Seattle Washington

Of course, many people decide to have the best of both worlds, and purchase a vacation home for their use and decide to rent it out as well. Websites like AirBnB, VBRO, Homeaway and even Craigslist allow vacation-goers to find your vacation home to rent out by the day, week, or even month sometimes. In this case, you can use it for yourself AND generate some income from the property to offset the cost.

Whatever your aim, if you were ever thinking of purchasing a second home, why wait?