Many Australians dream of being able to buy a second home. Right now, low interest rates and dropping home prices make taking out a second mortgage for another property more attractive than ever. But buying a second home comes with certain risks and considerations that are different from those you will face when buying your primary residence.
Before you start shopping for a second home, think about these questions:
Why do you want a second home? For a vacation property? Investment? To provide a place for relatives to live? Can you afford to pay two mortgages every month? Do you have enough savings to cover your payments if your financial situation changes? Will you use your first property as collateral to secure your second loan?
If you can answer these questions satisfactorily, you may be ready to start looking for properties and talking to banks about financing. Keep in mind that you are likely to face different costs and other obstacles depending on your purpose in buying a second home, so make sure you have thought about the following issues before you sign your closing papers.
Vacation Home
To get the most out of a vacation home, make sure you buy in a location that is not too difficult or expensive to get to from your permanent home. It doesn't matter how wonderful the house is if you never visit because it is so far away. Also, consider whether you want to try to rent out your vacation home during the weeks บ้านมือสอง กรุงเทพ you are not there. If you want to rent your vacation house or condo to others on holiday, try to find a location near some of Australia's many outdoor and family-friendly activities. List your home with a reputable broker and you may be able to make some extra money to offset some of your monthly payment.
Investment Property
If you are buying a second home purely as an investment, you will not be able to obtain financing until you give the lender a letter showing the estimated rental income the property will generate. The real estate agent representing the property will be able to provide such a letter. It is important to buy an investment property in a desirable area so that you don't have trouble finding tenants to fill the space. You also need to be prepared to act as a landlord, which means being available to oversee repairs and dealing with other problems your renters may encounter.
Family Member
If you are buying a second property to give a family member a place to live, it is especially important that you establish guidelines for the relationship at the start. For example, is your relative eligible to receive a first time home buyer's grant? Will he or she pay you rent to live in the home? Who will be responsible for repairs and upkeep? If you have clear expectations about the property ahead of time, you are less likely to have problems later.
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