{"id":6869,"date":"2022-09-05T18:21:04","date_gmt":"2022-09-05T18:21:04","guid":{"rendered":"https:\/\/bulmanwealth.com\/?p=6869"},"modified":"2022-09-06T02:15:27","modified_gmt":"2022-09-06T02:15:27","slug":"considerations-before-purchasing-your-second-home","status":"publish","type":"post","link":"https:\/\/bulmanwealth.com\/considerations-before-purchasing-your-second-home\/","title":{"rendered":"Considerations Before Purchasing Your Second Home"},"content":{"rendered":"

A home is one of the most significant purchases you\u2019ve made in your lifetime, so you should take your time when thinking about buying one. Many people have a favorite vacation spot in a scenic area, but they can\u2019t spend a significant amount of time there until they\u2019re retired. If you\u2019re thinking about buying a house in such a spot, you have three big things to think about before purchasing your second home.<\/p>\n

Will it become your primary residence?<\/strong><\/p>\n

First, you should consider what the primary purpose of the second home is going to be. Think about your long-term goals and if you would eventually like to make the vacation house your primary residence. Is it a place for your family to gather? A place for you to enjoy a natural landscape?\u202fIs a big retirement move right for you, or is it just a place to visit occasionally? Sometimes, the cost and labor associated with maintenance could defeat the purpose of buying that second home. Assess how much of your time the house will take up and consider if that will make it more of a burden than an asset.<\/p>\n

Will You Rent It Out?<\/strong><\/p>\n

If you\u2019re buying a second home as an investment, research how easily you can rent it, how it might appreciate or depreciate in value in the future, and the laws surrounding using real estate as an investment. For example, second homes in vacation destinations tend to be less susceptible to economic fluctuations, so don\u2019t forget the classic piece of advice that real estate is all about \u201clocation, location, location.\u201d A unique residence in a desirable location can make for a great investment.<\/p>\n

What\u2019s Its Value?<\/strong><\/p>\n

Since a second home requires a big financial commitment, you should look into how easy or difficult it would be to liquidate and if you think it will appreciate in value over time. If your financial situation changes and you need to sell, consider the desirability of the property. Remember that if market volatility forces you to sell, you may not be alone, which could affect prices and demand.<\/p>\n

If you think a vacation home or second home is part of your retirement plan, contact us before making the big decision. We can help you assess your financial situation and weigh the pros and cons. Sign up for a complimentary financial review to talk to us about your lifestyle goals for retirement. We tailor each retirement plan to the individual, and what you want your retirement to look like is paramount.<\/p>\n

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Disclosure:
\nAll content is for information purposes only. It is not intended to provide any tax or legal advice or provide the basis for any financial decisions. Nor is it intended to be a projection of current or future performance or indication of future results.Opinions expressed herein are solely those of Chris Bulman Inc. dba Bulman Wealth Group and our editorial staff. The information contained in this material has been derived from sources believed to be reliable but is not guaranteed as to accuracy and completeness and does not purport to be a complete analysis of the materials discussed. All information and ideas should be discussed in detail with your individual adviser prior to implementation. Advisory services are offered by Chris Bulman Inc. dba Bulman Wealth Group an SEC Investment Advisor notice filed in California, Pennsylvania, Texas, and Nevada. Investment Advisory Services also offered through Retirement Wealth Advisors, LLC. a Registered Investment Advisor. Bulman Wealth Group and Retirement Wealth Advisors, LLC. are separate entities, independently owned. Insurance products and services offered through Chris Bulman Inc dba BWG Insurance Agency and Ameritas Life Insurance Corp. CA Insurance License #0D57586. Being registered as an investment adviser does not imply a certain level of skill or training.<\/p>\n

Bulman Wealth Group, BWG Insurance Agency and Ameritas Life Insurance Corp. are not affiliated with or endorsed by the Social Security Administration or any other government agency.<\/p>\n

The information contained herein should in no way be construed or interpreted as a solicitation to sell or offer to sell advisory services to any residents of any State other than the States of California, Pennsylvania, Texas, Nevada, or where otherwise legally permitted.<\/p>\n

Images and photographs are included for the sole purpose of visually enhancing the website. None of them are photographs of current or former Clients. They should not be construed as an endorsement or testimonial from any of the persons in the photograph.<\/p>\n

Purchases are subject to suitability. This requires a review of an investor\u2019s objective, risk tolerance, and time horizons. Investing always involves risk and possible loss of capital.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

A home is one of the most significant purchases you\u2019ve made in your lifetime, so you should take your time when thinking about buying one. Many people have a favorite vacation spot in a scenic area, but they can\u2019t spend a significant amount of time there until they\u2019re retired. If you\u2019re thinking about buying a […]<\/p>\n","protected":false},"author":5,"featured_media":6870,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[42,44,45],"tags":[],"yoast_head":"\nPurchasing a Second Home | Bulman Wealth<\/title>\n<meta name=\"description\" content=\"Dreaming of a second home? Before you buy, consider these important factors. 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