Guide to buying a second home in another state
Owning a home is the best feeling in the world. Now imagine if you own another home somewhere far away like on a seashore. When the time comes to go on holiday, you wouldn’t have to worry about where to go. You can just pack your things and go to your second home. At first, buying a second home in another state will be a major investment. However, soon you will see and feel benefits of owning a second home. Not only will you have a perfect place for a getaway, but also you can make money from renting it. Interstate movers NYC can help you with transporting your belongings, you just first need to find and buy a perfect house for you.
Tips for buying a second home in another state
If you are looking to buy a home in Manhattan, then you should look for a real estate agent and movers Manhattan NYC. This logic you also need to apply when looking to buy a home in another state. After you decide on the desired location, you should look for a local real estate agent. Local agents know the area and have a good knowledge of local laws and the procedure.
If you want everything to go smoothly, hire a buyer’s agent in the new state. The buyer’s agent represents you and your interests, unlike real estate agents who often represent a seller’s interest more. A buyer’s agent won’t disclose any personal information without your permission first. You form a fiduciary relationship with this type of agent, which represents a legally binding commitment to act in your interest.
Don’t forget taxes and cost of living
Unfortunately, you can’t escape taxes and your taxes will differ depending on if you will use it as a second home or rent it out. Before you prepare your apartment for renters, you should get familiar with the tax situation. If you will be renting your house for less than 15 days, you don’t have to pay taxes on rental income. However, if it’s longer than 15 days a year, you will have to report an income.
Before you finalize your purchase, get yourself familiar with living costs in that area. The living costs might be higher or lower than in your current home. So, before you move your belongings from cheap storage Manhattan, look at possible different costs of:
- Property taxes
- Basic utilities
- Upgrading or maintenance expenses
- Mortgage payments
- Property management services
Don’t buy a second home without seeing it first
Buying a second home in another state can’t go without seeing the property in person. If your real estate agent selected a few possible homes for you, you should go and see them in person. Things always look better in pictures and it’s best to check the house yourself as you will be the one to invest money. If you can’t go in person for some reason, there is an option to organize a video tour these days. If there isn’t one, ask your agent to make one for you.