892 - The Ultimate Guide To Buying A Second Home by Scott Gibson

BiggerPockets Daily

There are plenty of reasons to want a second home. Whether you’re making the leap into real estate investing and need a property that can cash flow each month or you just need a place to stay in the summers, second homes are a mainstay in the classic “freedom” lifestyle.

However, buying another property is a serious financial commitment. And if buying a primary home is one of the largest financial transactions you are likely to make, purchasing a second home can be just as large. Therefore, before buying a second home, it makes financial sense to calculate if you can afford the purchase costs and maintenance.

So, whether you want to find the perfect beach getaway, commuter home near a major city, or rental property to start a real estate portfolio, you need the best advice on how to buy a second home.

This article explores the necessary steps to take ownership of a second residential property. You will learn how to choose a location, find financing, and close a deal.

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