Are you looking for tried and tested tips for buying a second home in Maine? Well, you’ve come to the right place! 

Thanks to the rapid advent of home rental websites and the massive success of vacation home rentals, many people are actively looking to buy another house. Some want to buy it for renting it out, while others want a vacation home for their family. Regardless of why you’re looking to buy a second home, you will need the right tips to buy a property that fulfills its purpose and makes you a happy homeowner.  

Here are the top tips you need to remember when buying a second house in Maine:

Choose an Accessible Location You Love

Instead of aiming for a remote location, choose a location that is easily accessible for your family. This way, you can take out your loved ones on a weekend getaway to your second home. Make sure it’s not more than an hour or so drive away from your house, enabling you to spend more time there and even use the space for last-minute plans. Moreover, you also need to choose a location you love. If you choose a place you like, you want to spend more time there. 

Consider Your Finances

While it’s incredible that you have the budget for buying a second home in Maine, you must keep your financials in mind. Set aside an amount not just for the cost of the house but also for property taxes, repairs, fees, home maintenance, and a caretaker if needed. Consult with a mortgage advisor who can help you formulate a plan for second-home purchasing. 

Determine Your Reason for Buying the Property

Before you go home shopping, you need to determine why you’re buying a new home. Do you plan to buy it as an investment that you can also rent out to tourists? If that’s the case, you will need to choose a location that the tourists find attractive.  

Do you want to buy a second home as a vacation home, where you can make cherished memories with your family? Alternatively, is your second home part of your retirement plan? Determining the core reason for buying another property will help you make an informed investment decision and choose the location wisely. 

Think like a Renter

When purchasing a second home, it always helps to think like a renter. Ideally, you should look for a place that is already furnished as it will save you the time, effort, and money to furnish it. Moreover, you can start renting it out right away if needed. Don’t hesitate to negotiate for the furnishings if needed. 

Thinking like a renter also involves making the space as desirable as possible for tourist guests and even long-term renters. It’s essential to consider the furnishings, amenities, and views offered by the property and the general safety of the neighborhood. You also need to make sure that your home is close to marts, parks, pharmacies, eateries, and hospitals. 

Find the Right Mortgage Offer

When buying a second home in Maine, it’s important to find a mortgage lender and advisor whom you can trust. Ideally, they should be well-acquainted with the second home market so they can guide you properly. Be prepared to amass and deposit a higher down payment than you did for your first home. 

Some lenders might ask for 20% to 25% of the amount as a down payment. You will also need to account for the higher interest rates as lenders consider second home investments to be riskier. That said, do thorough research and find a lender who understands what you’re looking for and provides you with a great offer. 

 

There are many things to consider before buying a home. That said, you also need to trust your gut and do what feels right. Buying your second home in Maine should be something that speaks to your heart. Make sure to follow the tips above when buying a second home in Maine so that you can enjoy your new house without suffering from any financial downfalls or other risky consequences of making a hurried decision.  If you want great financial assistance from a trusted mortgage lender to make your dream vacation home a reality, apply to get prequalified with us today.