Is your home not giving you the lifestyle you need? Thinking about purchasing a second home? Now could be a great time to do so, but there are several things to keep in mind before taking the leap and purchasing a second home.
Does buying a second home make sense financially? Keep in mind not only the mortgage payments, but also upkeep and potentially paying a property manager if you plan to rent out your home. Think about the location and type of second home you want to buy. A town home or condominium may require less upkeep, but you do pay extra fees with those types of properties.
Be sure to research the tax implications of owning a second home, both in terms of property taxes and income taxes. Consider how you will be paying for your home. The more money you put down, the better. Perhaps a family member can help with some of the down payment to save on interest. Another popular trend is to go in on a second home with another couple. This could be a good idea if you are only interested in using your home for a getaway for only part of the year. Purchasing any type of property is a big decision, so be sure to thoughtfully consider your options before purchasing a second home.
Aaron Zapata is the broker-owner of Zapata Realty, Inc. located in Yorba Linda, CA. He has been a licensed broker for over a decade. His growing practice includes residential and apartment sales in Southern California.
Aaron holds a degree in Biblical and Theological studies from BIOLA University and a Masters of Business Administration (MBA) from Cal State Fullerton. He has been quoted by the Los Angeles Times, Orange County Register, and the Associated Press and is an author and speaker. He is also maintains designations and memberships with nearly a dozen organizations aimed at raising the standards and ethics in the real estate industry. Although ranked in the top 1% nationwide, he gives each client his focused attention with the simple purpose of doing what is best for them. Nearly all of his business comes from referrals from his satisfied clients.
Aaron lives in Yorba Linda with his wife Dawn. They have been married for 18 years and have a 10 year old named Levi, a 7 year old named Malachi, and they have a Beagle name Sadie. He is an active member of Friends Church in Yorba Linda as a Board Member, and the Chamber of Commerce where he serves as the Chamber’s Network Connection President. This past summer he travelled to India with his oldest son to care for and educate the poorest of the poor.