5 Strategies to Buy a Second Home – Especially if You Still Have a Mortgage!

Economists have predicted that mortgage rates will continue to rise this year – possibly as high as 3.9%, so if you're on the fence, now is the perfect time to buy.  

Does a vacation home match your travel lifestyle? How much can you afford? The good news is you have already gone through this process with your first home, and your past experiences can help you make better decisions. 

If you're interested in purchasing another home but are unsure how to make this a reality, here are five steps to get you started. 

Pick a place and a property type

If you are going to take the plunge into investing in another home, you will first want to pick a region or specific city. 

When purchasing a second home, you first need to understand what your intention is for the use. For example, are you moving and using it as a primary residence and keeping the 1st home as a rental? Are you buying the 2nd home as an investment or vacation home? 

Consider all costs

The next question you must ask yourself is buying a second home worth all the expenses that come with it? To determine the answer, you should look at the whole picture.