No matter if you are looking for a getaway home along the Jersey Shore or an investment home, it’s a big decision. Here are a few steps to know if you are ready to take the jump and purchase a second home.
- Affordability- Before you start the search for your dream vacation home, examine your current financial situation and if you will be able to take on a second mortgage. Many mortgage lenders may provide you with a higher interest rate on a second home if your intention is to rent the home out as it is viewed as a greater risk to the lender. It never hurts to meet with a mortgage lender prior to getting your heart set on a vacation home to determine what interest rates you would possibly be paying for, and if you can afford the extra insurance, taxes, and home repairs that come with owning a second home.
- Location- When looking for a second home in New Jersey, narrow down where along the Jersey Shore you want to purchase your second home. A Realtor experienced in the area can assist you with answering questions about the area if you are unfamiliar with it. The Ferzoco Group is experienced in real estate from Ocean City to Cape May, and it would be our pleasure to answer any questions you may have.
- Insurance- Once you have determined that if you can afford a second home and you know where you want it to be located it is time to investigate insuring it. Call your current home insurance provider and ask them if adding an additional home to your plan would qualify you for a better rate.
- Shopping- Once you have completed the other steps it’s time to begin the search for your new home. Contact a real estate agent familiar with the area you are looking to purchase in. Lastly, enjoy spending time in your new vacation home. You may find that over the long run it was a big financial gain for you and your family, no matter if you choose to rent it out or not.
If buying a second home on the Jersey Shore is something you are considering, we’d be delighted to take the time to show you potential homes and to answer any questions you may have about owning a second home. Our job is to make your tomorrow better than today. Contact us today via email or give us a call at 609-264-6762.