Is your home not giving you the lifestyle you need? Thinking about purchasing a second home in Orange County? 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. Condos and town homes throughout Orange County typically come with higher HOA dues since they will take care of all external maintenance of the property and surrounding areas. On the other hand, Single Family Homes will be lower since you are in charge of handling all necessary repairs on your own.
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. Doing this is similar to a timeshare, but can be a lot less complicated and if you need to sell, may net you more in the end. Purchasing any type of property is a big decision, so be sure to thoughtfully consider your options before purchasing a second home.