Buying a secondary property is a great achievement. To fully benefit from it, define your criteria, your desires and your budget.
In this article, Sutton Quebec offers you the right questions to ask yourself to successfully buy your second home.
Why buy a secondary property?
To profit, of course!
Buying a second home means making the most of weekends and long, exotic vacations while being at home. It means leaving your daily life to escape into a bubble dedicated to rest. Alone for moments of concentration on oneself or with family for moments of happiness, a second home is a place where it is certain to experience magical moments.
Invest in a second home
But it's also an investment! Whether you want to build up capital or earn money by renting out your second home, you are investing. You also have to think about the expenses and profitability of your acquisition.
Think now about the use you will make of it:
- Spend your vacation and rent the rest of the time
- Spend all your weekends and rent during the holidays
- Spend all your weekends and vacations
- Do not rent but be careful to be able to bear all the costs (common costs but also taxes)
Prepare for retirement
You can also choose to buy a home to enjoy it later and move in permanently when you retire. By reselling your main residence, you will be able to take full advantage: by paying off your mortgage or by making another rental investment, for example.
Where to buy your secondary property?
The n ° 1 criterion in a real estate purchase remains the location. However, this criterion will be different from that of your main house. Indeed, the distance from work does not, a priori, be taken into account.
On the other hand, a second question arises to establish a choice: how often do you want to enjoy your home n ° 2?
- If you want to spend all your weekends there, you will prefer a place not too far away to limit travel time and costs.
- If you only want to spend your vacation there, then you can think about a place with a greater distance to cover.
If this is a property destined to become your primary residence for your retirement, still think about local shops.
The other criteria for the purchase of a second home
Other criteria come into play, for example the choice between an apartment and a house. Would you like a small pied-à-terre in a dynamic city or a large country house in Quebec?
There will also be your wish list: what do you want today that you can't have in your home right now? Having a second home is like having a second way of life. New possibilities are available to you, for example: having a vegetable garden, a swimming pool or even having a view different from yours at present, whether on super illuminated buildings in the heart of the city or on a body of water in the heart of a lake lost in the forest!
Buying a second home is a great project that shows some success, so take the time to take advantage of it and define your desires ;) Also discover our article on how to define your real estate purchase criteria.
Our team of real estate brokers is there to support you in this new project. Find the Sutton Quebec agency closest to you and tell us your dream.