If you currently find yourself in the enviable position of looking to buy a second property then congratulations. The equity that you stand to gain from this purchase can be considerable, just remember to plan properly, to maximize your gain. The first step in this process is to decide what the second home will be utilized for. Is it a vacation home? Perhaps a long or short-term rental? Either way, the more detailed about your forward planning you are, the smoother the process will be.
If you are looking at this purchase as a source of revenue then there are certain steps that you should take to ensure the home will bring in as much money as possible, thereby allowing you to pay off the mortgage quickly. For this type of investment, the cleaner the better. Nice homes are in high demand, and they fetch a good monthly rate. Enough so that the mortgage payment can be made easily with cash to spare. Also, ask yourself, “am I ready to be a landlord?” This will involve the task of finding and maintaining good tenants, and sometimes having to do what’s right for you and your property, not what’s right for the renters. If you have the tendency to be...
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