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You are here: Home / Buy A Home / 6 Mistakes to Avoid When Buying Your Second Home or Vacation Home

6 Mistakes to Avoid When Buying Your Second Home or Vacation Home

June 29, 2021 by Blue Square Mortgage

Buy a Home in Seattle WA

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

  1. 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.
  2. 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.
  3. 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
  4. 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?
  5. 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.
  6. 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.

Filed Under: Buy A Home Tagged With: Home Buying Tips, Seattle, Washington

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Megan Maner
Megan Maner
14:14 01 Feb 23
Mike was very knowledgeable and kind about the homebuying process. He slows down and communicates such a complex process in a way that the average person can understand. Home Buying can be very stressful, but with Mike helping you a lot of that stress is taken away! Highly Recommend his services :)
MA Hubbard
MA Hubbard
19:41 30 Aug 22
Mike with Blue Square, a really great communicator, ushered us through a long process to qualify for a mortgage loan and we couldn’t be happier with the outcome and his responsiveness and patience. Thank you Mike!
Jason McGriff
Jason McGriff
21:59 26 Aug 22
Mike is 100% the person you want to go too for your mortgage needs. I had a tough lending situation and he did not stop working on my case until he was able to resolve my lending requirements. He will dig in and research for the best mortgage options for your specific situation and needs. I love to work with someone like Mike. He really put forth time and effort as if he was getting himself a mortgage. 5 stars for Mike all day.
Kevin Thruelsen
Kevin Thruelsen
21:50 18 Aug 22
I've worked extensively with Mike for years now, first as an aspiring loan officer, now as a new homeowner. In no uncertain terms, the experience and savings Mike passes on to borrowers is unparalleled. He's a one stop shop w/decades of experience which allow him to craft not only the right product for your situation, but package it such that it gets through underwriting quickly and smoothly. This is the guy you want on your team, believe me.
Emily Wing
Emily Wing
23:00 05 Aug 22
We refinanced our mortgage with Mike and recommend him highly! He found us by far the best rate around, and walked us through every step of the process in a friendly and accessible manner. He explained things to us when needed, and was always thinking a step ahead to make sure the process went smoothly and there were no surprises. We feel lucky to have worked with him. Thank you, Mike!
Edrienne Chan
Edrienne Chan
03:49 08 Jun 22
Mike was super helpful in my quest for more understanding of real estate investment. Extremely informing and really wanted to educate. He listened well, and although my needs cannot be met at this lender, he was still happy to help. Very grateful to have given him a call
Kim Meyer
Kim Meyer
19:17 19 May 22
I have worked with Mike as a lender for several years. Our partnership with buyers, Mike as the lender and myself as the REALTOR are 100% successful and the buyers are consistently thrilled with results. Mike works hard to get the best rate possible for the buyers, helps educate everyone on market knowledge and helps make the process go smoothly from start to closing. The buyers that I work with appreciate having as much market information as possible - I find this is a great approach to helping buyers feel confident to find the best home for their housing needs/wants. I look forward to many more successful transactions with Mike!
Anton Cauthorn
Anton Cauthorn
01:41 14 May 22
Mike did an amazing job helping me set up a loan to purchase my home. Mike had a personal touch and it felt like I had someone on my team helping me the entire time. He got me a lower rate than the other lenders I was looking at going through and he made the whole process simple and easy. The best part was that we ran into a number of complications along the way and Mike worked hared to find solutions every time to make things work out smoothly. I highly recommend Mike and feel lucky to have found him to work with on my loan.
Danny Yang
Danny Yang
17:51 11 May 22
I had a smooth experience with Mike as a first time homebuyer. He walked me through the process and explained everything and made sure I understood it all. Made the entire process a lot easier and less intimidating than I thought it was going to be.
Dan Hoffman
Dan Hoffman
00:51 11 May 22
Mike helped me close on a very complicated loan and I would gladly use him again. He went above and beyond to guide us through the process and made sure I was informed every step of the way. If you work with Blue Square Mortgage you will receive as much assistance and guidance as you like up to and through closing. Thanks for your help Mike!
Martin Monteblanco
Martin Monteblanco
02:56 11 Apr 22
Mike was super helpful with the process of buying our first home .Definitely recommend for any first time home buyers .
Lucio Maldonado
Lucio Maldonado
23:05 21 Mar 22
Mike was excellent and extremely professional. I did not end up going with him, as he told me candidly when he could not beat a competitor's rate, and therefore told me to go with the competitor. Very refreshing. Thanks a lot, Mike.
Kathy Hattori
Kathy Hattori
22:14 03 Dec 21
This is our second time working with Mike and we could not be happier. Mike is personable, ethical, professional and absolutely knows his stuff. We had a wish list for our refinance (lower payments and interest rate plus funds to renovate) and he accomplished everything we wanted so we're thrilled. Mike's a treasure. Work with him.
Kristin Gardner
Kristin Gardner
17:35 03 Dec 21
Mike is an extremely professional and knowledgeable person to work with. He has assisted me in several different scenarios and because of his help I have been able to make an informed and beneficial decision. I cannot recommend working with him enough! He is thorough and quick with his work and utilized excellent resources to get the best results and answers for his customers. We will definitely be return and repeat customers.
Megan King
Megan King
19:20 22 Nov 21
We are looking into refinancing our home due to rising interest rates and reached out to Mike. We initially reached out based on the great Google reviews and Blue Square Mortgage's proximity to our home. I submitted an online inquiry and Mike got back to me quickly with an email. His honestly and transparency and wealth of knowledge were an invaluable resource and I truly appreciate the time that he took to talk to me about my refinancing options. If you are looking for a mortgage professional who will make you feel secure and help you understand the process with most likely your biggest investment call Blue Square Mortgage.
Kristen Weber
Kristen Weber
19:35 17 Nov 21
I could not be happier with the rate and service that we got from Mike Peacore. He is super straight forward and gave us the best rates. He is very responsive and personable. I would highly recommend him.
Rosemary Le
Rosemary Le
06:51 23 Oct 21
As a first time home buyer, I really appreciate how transparent and patient Mike was. Even before he knew that I would choose him as my mortgage broker, he was willing to walk me through every single aspect of the home buying process and let me know what to expect from other brokers/lenders. I specifically told him to give me all the details, keep track of all of the milestones/deadlines, and provide frequent reminders. At first the information he provided was a little overwhelming, but he understood that I would ask a lot of the same questions down the road. The process went very smooth and even on signing day he offered to be there in person with me since my realtor was on vacation. In summary, I really appreciated the transparency, how he was never pushy for my service or if he needed anything from me, the clear and detailed information he provided, and the friendly and patient service that I received.
Emelie Montgomery-Jones
Emelie Montgomery-Jones
17:11 29 Sep 21
Mike, thank you so much for guiding me through the process of refinancing my investment property. I certainly would have been lost without you. If the situation arises, I will highly recommend you to others. Your expertise, advice and timely communication kept my anxiety levels low. I am extremely happy with the outcome.Sincerely,Emelie MJ
Stefan Muehleis
Stefan Muehleis
18:26 17 Sep 21
I refinanced with Mike and everything went very fast, smooth and flawless.Not to mention that I got the best rate out there. Excellent job!!!
Leon Liu
Leon Liu
22:40 03 Jun 21
Mike helped us to close a refinance process effectively:- Mike identified a good program for our rental property. We managed the entire process remotely.- Refinance closing was fast. Faster than our new purchase loan earlier this year.- Great communication, very responsive and accurate.- Would recommend to friends and work with Mike again.
Mark Kilcup
Mark Kilcup
23:43 26 Jan 21
Duncan Wray was an absolute professional to work with during this process. They had a super competitive rate and were able to work with the VA on my refi. I recommend Duncan and his team!
Scott Matlock
Scott Matlock
23:01 23 Dec 20
Max at Team Blue Square was extremely helpful and positive during my entire refinance process. We had a few hurdles along the way, but he was always positive and super responsive to all of my questions. Not only did he lock me in at a great rate, but I was continually impressed by his knowledge and accommodating attitude. He was a true professional, and you can tell he truly cares about customer service. Couldn't be happier with how everything turned out. 5-stars!!!!
Tamara Atkins
Tamara Atkins
17:03 01 Sep 20
This was our 3rd time financing/refinancing with Mike Peacore. As always, he was so professional, expedient, and helpful. Everything went smoothly with Mike guiding the process the whole way to closing. Have referred him to many friends!
Justin Lonergan
Justin Lonergan
04:42 20 Aug 20
Sean was fantastic through our VA refi. Blue Square's rates were the most competitive of the companies I screened, and the application could not have been easier. I probably spent less than 5 total hours on the refinance, saved my family hundreds per month, and I very much attribute that smooth process to Blue Square's and Sean's attentiveness. I have already recommended them to peers and would wholeheartedly recommend giving them a call to see what they can do for you.
RD Kent
RD Kent
03:44 20 Aug 20
Very responsive, friendly, and helpful. Excellent experience!
Jeremy Kirsch
Jeremy Kirsch
01:54 20 Aug 20
I just closed and recorded and I wanted to thank Kathy S. for her excellent service and support and for giving me the best deal ever. I am getting looks of disbelief when I tell people, especially those with conventional loans who can’t even come close!With Kathy, every question was answered and there were no surprises, except the good kind. No weirdness, everything disclosed.I've purchased and sold and refinanced a number of times, it's usually a stressful experience even without having to move. Not this time.Prior to dealing with Kathy and Blue Square, I had previously used a broker a couple of times before, whom I considered excellent and I was very happy with. With that said, if I ever need another loan, I will come to Kathy and Blue Square first. Without a doubt.And I will be recommending Kathy to anyone who needs a loan, especially those in the VA IRRL category.Again, thank you Kathy for all you did!
manjusha n
manjusha n
00:58 11 Jul 20
Spoke to Mike Peacore about Home purchase mortgage. He was very responsive and helpful. I was shopping around for rates and he gave a quote and gave me tips on getting better rates. He really cares about his clients and great to talk to. I highly recommend Blue Square Mortgage for good interest rates and Mike for his outstanding service. Thank you!
Kevin Hoy
Kevin Hoy
17:18 05 Jun 20
I contacted Blue Square based on a Google search for VA IRRRL. Mike was very helpful in explaining the parts of the refinance process to me and helping me understand not only what everything means but also how and why he is able to offer lower rates than most of the big name lenders. I look forward to doing business with Mike again.
Andrew Gray
Andrew Gray
00:08 23 May 20
As a first time home buyer, I feel extremely lucky we went with Mike at Blue Square as our mortgage broker. He was professional, thorough, and more than happy to answer all of our questions about the process. His rate and fee estimates were considerably lower than other lenders we considered. He worked nights and weekends during the closing process and we wound up closing early. I look forward to working with him on a refi and eventually our next home purchase!
Rob Luecke
Rob Luecke
15:29 05 Mar 20
I am in the business and have done over 1,000 real estate transaction, have several rentals and Mike did a bang up Job.
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