What You Should Know Before You Buy a Second Home

By Jeff Cheney | On

Making the decision to buy a home in itself is a big one, let alone if you are looking into investing in a second home. Whether you are looking for a vacation rental or a second home here in Frisco, there are many factors to take into consideration before moving forward. There are many wonderful benefits to buying a second home, and even more reasons why people decide to take the plunge and buy another property. In recent years, more people than ever before are purchasing vacation homes or investment properties, which shows that the demand for second homes remains healthy, especially here in Texas.

As we’ve discussed in the past, our state’s housing market is performing above average, especially in North Texas. In large part because of the booming economy, we have seen homes flying off the market faster than ever before. Whether you are looking to buy a starter home or a second home in Plano, The Cheney Group is here to help. Even if you’ve been through the process before, it is imperative that you have a knowledgeable and highly-respected Realtor on your side. When it comes time to buy that second home, you can rest assured that The Cheney Group will do our best to make sure it’s the right property for you and that you are getting a great deal.

Facts About Second Home Buyers

Before we go over some tips for buying an investment property or second home in Frisco, McKinney, or elsewhere in North Texas, let’s go over a few second home buyer factoids:

  • The average age of buyer is 46
  • Baby Boomers own 57 percent of all second homes
  • The median household income of second home buyers is $99,000
  • The median price of a second home is $211,000
  • The top reason for buying a second home is as a family retreat
  • The most popular area to buy a second home is the suburbs, followed by small towns, urban areas, resort, and vacation areas

Tips for Buying a Second Home

Before moving forward with an investment property, we encourage you to take a look at the following tips. And remember, The Cheney Group is here for all your real estate needs and is happy to sit down and discuss your financial situation with you in order to determine if this is the right move for you.

  • Outline your goals. Before buying a second home in Plano, sit down and take a look at your goals. Are you looking for a nearby retreat? A family vacation spot? A retirement home? Whatever your reasons, make sure you and everyone else involved are on the same page before moving forward.
  • Consider the market conditions. Lucky for you, the real estate market is excellent in North Texas right now, making it an ideal location to buy a second home.
  • Aim for areas with steady appreciation rates. Take into consideration the appreciation rates within the area you are looking and see if it is a worthwhile investment. As mentioned, Plano, Frisco, and elsewhere in North Texas are booming right now, which means the market is on your side.

We hope these stats and tips help give you a better idea of why buying a second home in North Texas is a smart idea right now. To schedule an appointment with a Realtor from The Cheney Group, give us a call today.