6 Tips in Buying Candlewood Lake Properties as Second Home

6 Tips in Buying Candlewood Lake Properties as Second Home

 

Despite the slow housing market, many people are still buying a vacation home or an investment property. So if you are looking for Candlewood Lake and Lake Lillinonah properties as your second home or investment property, make sure to read the tips below to ensure a smart investment.

1. Avoid impulse buying

Make a thorough research before making a purchase. Don’t buy on a whim or you might find yourself with a second home you cannot afford or does not satisfy your needs. Tie up your likely expenses and consider other aspects before making that major financial move.

2. Scout the market

One of the most sensible way to start the search for Candlewood Lake real estate is to find a real estate agent who is familiar with the location. The expert can give you information about weather and traffic patterns which can help you evaluate the properties and the amenities.

3. Assess your needs and goals

Determine what type of second home suits your lifestyle. If it will be used as a weekend getaway, you should stay within a day’s drive from your primary home. If the property will be used as a retirement home someday, check the residence’s accessibility and the health care services nearby.

4. Prepare for the Tax Implications

Remember that you have to take care of both property taxes as second-home owner. If you are planning to rent out your Candlewood Lake home, you also have to consider the income tax. Make an advance planning to save yourself thousands of dollars a year.

5. Create a list of possible expenses

Make a list of expenses of managing two homes. Can you fit these expenses into your budget with a little extra to spare? If investing in a second home will leave you penniless, you may be better waiting off until you have paid off your first mortgage.

6. Protect your second home

Make sure to protect your second home. Surely you do not want your investment to go down the drain? Get a home inspection before purchasing so you will be aware of any possible problem or damage. Get a title insurance and a hazard insurance.

Follow these six steps to make a sensible decision about buying your second home. For more tips on buying or selling a home in Candlewood Lake, visit http://www.CandlewoodLakeCTRealEstate.com

Call me, Deborah Laemmerhirt now at 203-994-4297 and let me assist you with everything you need to know about buying or selling Candlewood Lake homes. My years of experience as a preeminent real estate professional in Ridgefield, Redding, Wilton, New Fairfield, Brookfield, Bridgewater, Roxbury, Washington, Weston, Westport, Southbury, Kent, Sherman, Easton, and Bethel, CT, combined with my dedication to providing the finest service will make it easier for you to find your dream home in Connecticut.