Around 3.47 million people in the United States own a second home as of 2018. Some decide to invest in a second home to rent for profit, and others want a place to vacation at.
Either way, there can be more than you think when looking to purchasing and owning a second home.
Here are 5 things to know when buying a second home in Mammoth Village.
The first thing that you want to do before deciding to purchase a second home in another area is to research that city.
If this is a place that you've visited regularly during a popular tourist time, it can be to your advantage to go during the off-season. This will give you another perspective of the Mammoth Village area to make sure that this is the right decision for you.
It's also smart to talk to the locals who are here all year round. They can give you the inside scoop to any hidden costs you might not have thought about like average utility costs for that area, any special insurance for the homes there, and more.
Trying to purchase a second home here in Mammoth Village might be difficult if you aren't a local. It's important to look into hiring a local real estate agent who truly knows the market in this area.
Owning a second home can get expensive. One option to lessen the financial burden is to rent your new home out to tourists when you aren't looking to use the space.
This rental income can go towards your monthly mortgage payment on the home so that you don't have to pay the whole thing yourself. You will, however, need to then become a landlordwhich is a lot of responsibility. Weigh this against how much you need that supplemental income to see if this would be the right fit for you.
Think about what type of home you're looking for when shopping for your second home.
If you will only be spending short weekends there, it's possible that a condo or townhome would better suit your needs. That way, the costs are lower than a single-family home to purchase and maintain. A condo or townhome might also include HOA fees that can cover lawn and other maintenance which is important if you can't make it to the property often.
A single-family home is a better option for those who have larger families and who want more privacy. These homes might also be a better option if you wish to rent the property out when you aren't using it. This is because there are typically more rooms than there are in a condo to make money off of.
Looking for a second home is exciting, but you shouldn't be too impulsive. It can be tempting to want to purchase the first decent home you see. Try not to do that.
This is a big financial and life decision that deserves some time and consideration. Work closely with your real estate agent to ensure that this is the best decision for you and your family.
Buying a second home in Mammoth Village can be a very rewarding adventure for you and your family.
Mammoth Village Properties specializes in providing quality real estate services to those in the Eastern Sierra area.
Take a look at more of our blog for more real estate tips and information.