As retirement grows closer and closer, many Americans begin to think in earnest about their financial portfolio. For some retirees the acquisition of another home is an integral part of preparing for a life of leisure. If you’re considering a second home in Prescott, Realtor Kay Carlson – Remax Mountain Properties recommends the following:
The purchase of a second home should be done only after first taking stock of your current financial position and anticipated future income and expenses. After seriously undertaking this evaluation, you will have a better sense of what you can wisely afford. But before you actually begin to look at properties, think about the same factors you considered when buying your primary residence, including the:
Decide whether or not you are looking for a:
- Part-time vacation home
- Year-round home
- Retirement community
A part-time vacation home could be used as a vacation property, a rental property, and a home for you to eventually move into full time when you’re ready to retire. A condominium or a home in a retirement community can provide some fabulous benefits like a variety of on-site activities including pools, gyms, classes, and golf courses. These can be a perfect venue for making new friends. Depending on the community, some offer meal services and various forms of medical care including long-term facilities.
The type of home you buy or where it’s located may mean there are HOA or community association costs to cover these extra services, activities, classes, or care as well as restrictions with respect to the appearance of your home’s exterior, landscape and other more specific rules.
A second home can prove to be an important source of additional income or security and offers retiring homeowners more options. If you are retired or approaching retirement, and considering a second home in Prescott, Kay Carlson Realtor – Remax Mountain Properties would love to help you realize your dreams. For a smooth real estate transaction with masterful attention to detail and excellent customer service, call Kay Carlson at 928-710-4193.