6 Top Tips for Second Home Buyers in Waukesha

Thinking of getting a second home in Waukesha?

If you've been itching to have that waterfront home in Waukesha so you can enjoy your weekend and summer getaways, it's probably time to consider getting a second home. 

Where it was once a concept only rich people embrace, many Americans are now proud second home owners. In fact, statistics report that from spring 2008 to spring 2017, 9.26 million Americans own second homes.

What’s not to love about getting a second home in Waukesha? It’s a perfect haven when you're seeking timeout or need privacy. It’s also a great real estate investment. 

With the economy experiencing historically low interest rates, there is no better time to buy that second home.

Things to consider

Before you go start browsing for homes for sale online, you need to consider a few things first. Here is my list of six ‘must-think ofs’ before landing yourself another property,

1. Your financial preparedness. The second home you’re eyeing may be perfect and all, but how about your bank statement? Do you have enough means to buy a second home without sacrificing your retirement fund and savings?

A second home is still a home, so do not underestimate its cost. It may not be as expensive as your primary home, but like any real estate deals, there will be many other costs associated with it on top of the purchase price.

Make sure you are free from any debts, your sheets are balanced, and you are financially ready before buying a second property. If you’re not, it’s better to wait for a few more years rather than endanger yourself financially.

2. The reason for buying. Before you visit any real estate agent in Waukesha, establish your reason for wanting another home.

Will it be for a vacation home? Is it to generate income? Are you planning to expand your investment portfolio?

Make sure you have solid reasons for buying a second home. Remember, it’s going to cost you a significant amount of money, so you need to have an amazing reason for spending all that money.

3. How much is the mortgage? Unless you have a lot of money lying around somewhere, you would need to get a mortgage to buy a second home. Or you can use the equity of your primary home.

Either way, you need to have a sit-down with your mortgage lender to figure out how to work the deal for a second home.

4.  The location. Like your primary home, the location of your second home is important.

You will not be using it most days of the year. Will you leave it empty? A home is an asset, so it should help you generate income so you can pay it off fast.

Choose a location where the home can produce a monthly revenue. That way, you know you’re earning something that can help pay the second home’s mortgage.

5. How fast can you sell it? You may not even want to consider selling it, but when things are not working out for you financially, you need to have a plan to exit.

This means that if you are to purchase a property, it should be something that’s easily liquidated, one that will easily sell.

6.  The best agent in the area. Who else can you trust in finding the second home that’s right for you other than the best Realtor® in Waukesha?  He or she will be your best tool in securing the right home, in the right neighborhood, and getting the best deal.

Do your research and check the different agents in the area. Set an appointment and ask your prepared questions. Check for their skills and experience.

This process takes some time, but when you do find the right agent, things will work out so much better for you, and soon you’ll be enjoying your second home in Waukesha.

Planning to buy a second home in Waukesha? Call me, Kristin Johnston, at 414-254-6647. I have listings of homes for sale in Waukesha and I will help you find the vacation home that fits your needs. Whether you are looking for Waukesha County condos for sale or lake homes for sale in Waukesha County WI, you can count on my expertise as you find the property that's best for you.