May people look into the possibility of owning a second home these days. The idea of another home that you can spend some time in, away from the ‘main’ house is an exciting prospect and where better to purchase your second home than in the beautiful British Virgin Islands Here are ten steps to assist you in your quest to find your very own piece of paradise.
1.Look at your finances. Do you have enough to afford what will essentially be a double mortgage payment? If the answer is no how much can you afford? It is a good idea to have this information before you begin your search.
2. What will be the purpose of your second home? Do you want a place by the beach? A mountain retreat? Do you plan to rent it out during the year? Will it be a permanent rental property? Is it going to be a business property? All these different options have different tax implications, so be prepared for that. The amount that you calculated in item one is vital for this.
3. Where do you want your second home to be situated? Will it be in a high end community? A gated community?
4. What kind of house? One story, two? Villa, Condo? What level of maintenance will be required? Is the property ready to move into, or are there things that need to be done? Getting an inspection will answer these questions!
5. What sort of financing will be needed to complete the purchase? This is a point to consider carefully, will the property be empty for a large part of the year? Or will it create an income?
6. Look into the property tax situation. Visit the schools, especially if you have children of school age or if you will be renting to those that do.
7. Insurance, tax, other considerations. These are all significant. If you’re going to be living there, the interest is, tax-deductable. If youplan to let it out, the cost for that is deductible. Insurance is always vital.
8. Get a local realtor! This is the person that will know the area, the people, values of houses, and will be able to guide you to making the right decisions. They will have a list of helpful hints and tips for you to utilize when you are purchasing your second home.
9. Avoid impulsive buying!
10. Ensure that this 2nd home you are purchasing is close to all the comforts that you’re going to need in the future. You may decide to retire here!
Second home buying is becoming very popular whether for vacations homes, rental purposes or businesses. Many people are considering purchasing their second home with a view of retiring there in years to come. Ensure you have all the information and ask your real estate agent any questions you may have during the process so that you make the best decisions for you and your family.
