With its beautiful coastline, majestic mountains, and welcoming communities, Washington state is an incredible place to take a vacation—or purchase a vacation home.
If you have fallen in love with our breathtaking state, you might be getting ready to buy a second home or vacation home in WA.
Or, maybe you already live here, and just want a second home where you can escape from the hustle and bustle of everyday life.
Regardless, you will have the best experience if you know what pitfalls to steer clear of when you are shopping for your second home. Let’s go over some common mistakes to avoid.
Mistakes to Avoid When Buying a Home
- Do your homework. Think before you purchase a second home. Not only do you need to make sure this is the right time for you to do so, but you also need to be sure you have picked the right property. Perhaps one of the most widespread mistakes that buyers make when purchasing a second home is purchasing it on impulse. Indeed, this is especially common when it comes to vacation homes in favorite locations. A couple on a romantic getaway, for example, might decide to throw caution to the wind and try to capture that magic in a more permanent form by purchasing a second home.
- Consider the upkeep requirements for the home. When people purchase vacation homes, they usually are imagining themselves relaxing and getting away from the stress of everyday life. But taking care of a vacation home is every bit as involved as taking care of a primary residence. Just because you are not spending the majority of your time there, that does not mean that maintenance, cleaning, and general upkeep are not required. So, avoid picking a property that you will not be able to keep up with maintaining. That might mean making a more modest purchase than you originally were envisioning.
- Be familiar with the local area. If you are a frequent tourist in a particular locale, you might feel like you understand the area. But you have been viewing it through the eyes of a tourist each time, not the eyes of a local. The next time you visit the area where you are thinking of buying a second home, try to imagine actually living there. Consider the amenities you’ll be using every day while you are at your vacation home. Will you be as happy as a resident as you are as a visitor? Ask locals about their impression of living in the community you like and consider visiting at time you otherwise would not to get a more complete picture of your new community
- Think about future changes. Oftentimes, when people purchase a second home, they are thinking about where they are today financially and expecting that their plans for their futures will remain unchanged. To some extent, that is really all you can do, since none of us can predict the future. But you can at least keep that fact in mind. Think through contingencies with respect to finances, your family, and more. How will your second home fit into the picture if things do change?
- Don’t miss your chance. While some buyers rush into purchasing a vacation home, others do just the opposite. They hope that the property they want or one similar to it will still be on the market a few years from now. They hold off and hold off. When they are at last ready to buy, however, they find that what they wanted is no longer available. It can be heartbreaking to wait too long and lose out on the chance to purchase your dream home. So, take time to think about your decision, but do not wait so long that you miss out.
- Shop around for the most competitive mortgage rates for a second home. As when shopping for a primary residence, it is important to look for the most competitive rates you can find and the best terms on a loan for a second home or vacation home. As an independent mortgage broker, Blue Square Mortgage can handle this step for you. We can reach through our network of lenders to find you a mortgage that will be ideal for your needs.
Buy a Second Home or Vacation Home in Washington State Now
Are you ready to make your dream of owning a second home or vacation home in Seattle or elsewhere in WA come true? Blue Square Mortgage is here to match you with the right loan. To get started, please call (206) 352-6453.
Do you know how much home you can afford?
Most people don’t... Find out in 10 minutes.Today's Mortgage Rates