We’re at the tail end of the summer holidays – a perfect time to reflect on your past vacation time. Did you find yourself sitting on the dock of your rented cottage, daydreaming about one day owning your own vacation or retirement property? Before making any impulsive decision, make sure you discuss your plans with your real estate representative first.
If not a vacation home, perhaps you’re thinking about purchasing an investment property, or even mulling over housing options for the upcoming school year that would accommodate your out-of-town, college-aged child while serving as a rental unit for his or her roommates.
To avoid the possibility of buyer’s remorse later, it’s important to first discuss your plans with a real estate representative who understands the particularities of different types of ownership issues for your specific circumstances, and who can advise you on issues that may or may not have applied to your primary property.
Schedule an appointment with your bank or mortgage broker prior to getting caught up in the excitement of choosing a second property is also key, since borrowing guidelines are not necessarily the same for non-primary properties as they are for primary properties.
If you have any questions on today’s real estate market – in regards to a primary property or a secondary one – please call today for a no-obligation discussion. It’s always wise to do your research and get a clear understanding of all the issues surrounding different types of properties before making any decisions.