Depending on what you’re looking for, the Northern Virginia real estate market can offer you an extensive selection of houses. From small starter home bungalows to large Colonial homes, you will be amazed by a variety of choices. With one of the strongest property value appreciation rates in the US and close proximity to the capital city, Northern Virginia is the perfect choice when buying a second house!
Make sure you are ready for this “risky business”
Buying a second house brings joy to many, but also anxiety because of the necessary paperwork. Either way, it has to be done to gain ownership of the property. Before even considering this venture, be certain you are ready for it! Ask yourself about your motifs and possibilities, and research on time. It will make sure you avoid any unpleasant surprises. Your second house might be left on its own for the most time of the year. That’s why you need to be careful when choosing the right neighborhood. You may need your neighbors more than you think.
Crucial tips when buying a second house in Northern Virginia
- Check out the real estate taxes in Northern Virginia, they vary in different cities
- Hire a reliable real estate agent and discuss closing costs
- Make sure you can afford two mortgages if your first house is not mortgage-free
- Is your new house a vacation home or investment property? Inform yourself about occupancy rules
- If possible, buying a second house should be done with cash! You want to avoid taking loans on the second property!
- Final words of caution – The IRS treats second homes and vacation homes differently than your primary residence!
Include moving cost in your list of expenses
We often forget that our expenses don’t end up with just buying a second house. Make sure to include the expenses of the move into it. Hiring a reliable local moving company with efficient teams to give you a helping hand should be a priority! After all, you want this new adventure to start smoothly and stress-free!
Avoid extra investment when buying a second house
It is important to consider whether you need a property that you can move into immediately. When buying a second house you can probably wait for the period needed to complete construction or renovation. Hidden flaws, which are revealed over time after moving in, are often found in every house. Many of the housing options in Northern Virginia are older properties, and old houses can be high maintenance. Whether you are a fan of new buildings or historic-vibe houses, you will want your second house to be furnished exactly by your taste. Moving delicate and expensive things can be tricky. Thus, you should have proper material and supplies for the move in order to avoid any damage to your possessions.
Your new house should meet all your criteria on the most important issues. Some experts might advise you to wait for perfect timing. Lots of things influence the price of the real state. But since you are buying a second house in Northern Virginia, you can probably allow yourself to be picky. So, when you finally find your dream house, go for it! You never know how fast can it be sold, and you will be regretting it.