If you’ve lived in your home for a long time, then you might be thinking about moving to a new location. On the other hand, you may want to stay in your house for as long as you can, but you are interested in purchasing a second home. At Coldwell Banker Preferred, Realtors® in Bakersfield, we can provide you with a list of homes for sale, and we can help you decide which property will fit your needs.
Owning a Rental Property
One reason that people look for a second home is so that they can rent it out. Owning a rental property can be a great way to make some extra income, but it’s important to remember that at least at first, the rent that you take in will go towards paying the mortgage on the property and maintaining the property’s HVAC, landscaping, and other essential features. However, if you’re able to pay cash or make a considerable down payment on your second home, then that rental income can find its way into your bank account much faster.
How Long Will You Own the Property?
When looking at second homes, you may be thinking about how long you’ll own the property. Perhaps you want to buy the house, update it, and then sell it within the year. “Flipping” homes can be a lucrative business, but it’s important to know what you’re getting yourself into when you purchase a property. If a house needs a lot of work, or you want to make major upgrades, then it’s imperative to think about how much it will cost above and beyond the purchase price of the property.
Buying for a Loved One
As you’re looking at homes for sale, you may not be searching for yourself, but for someone in your family. Perhaps you want to buy a home where your parents can live once they retire, or you have one living parent and you want them to be close to family. Whatever the case may be, it’s good to keep in mind what your loved one needs in terms of a house, including how much square footage and where the property is located. You’ll also want to talk to them about ownership of the property and whether they’ll co-sign the papers with you, or if you’ll be the sole owner.
Contact Our Team Today
If you’re interested in finding a second home, then contact our team of experienced Realtors® today. We can answer all of your real estate questions and help you decide what course you want to take when it comes to buying another property. We can help you determine if it’s worth it to invest in a rental property, or if flipping a house is the best way to go. In the end, the choice is up to you, and we’ll be here to provide any guidance that you may need. Get started today by contacting one of our two Bakersfield offices.