Are you interested in buying a second home? You might be wondering how to go about searching and finding that perfect home on the beach at a reasonable price. Whether you are interested in a second home for those family vacations in the summer or as an investment to rent out we will take a look at some options that will help make it a little easier to navigate.
The second home, or vacation home market on the Oregon coast is strong right now and getting stronger. Though overall second home sales nationwide have dipped most of the action is on the beach. Just FYI that is where Oregon coast real estate agent resides and has all the technology and information you need to make an informed decision on the right property for you.
Here are some second home facts and stats from the National Association of Realtors:
Median age of buyer: 46 (baby boomers own 57 percent of all second homes)
Median household income: $99,100
Median price of second home/non primary residence: $211,000
No. 1 reason for buying: Family retreat
No. 2 reason: Future primary residence
No. 1 location to buy: The South
No. 2 location: The West
Most popular type: detached single-family homes, followed by townhomes and condominiums
Most popular area: suburbs, followed by small towns, urban areas, resort and vacation areas
Source: National Association of Realtors
With all that out of the way let’s move on to the top tips for those in the market for a second home.
Tip # 1~ Decide if it’s the right time to buy and then go for it! This is when your real estate professional will come in very handy, especially if you don’t live in the town you are shopping in. Find the right agent and let him do the research and retrieve pertinent information for your purchase. This person should provide you with information about neighborhoods, area market prices and pros and cons of certain areas.
Tip # 2 ~ Know what you want and stick to your plan. This is crucial not to be too impulsive. I would suggest a six month planning time before the actual home search begins in order to have a solid plan and what your expectations are from your realtor. Be realistic about what type of home would suit your lifestyle. Is your home going to be a vacation place? Rental? Investment property and how do we implement these needs.
Tip # 3~ Know the area that you are planning on purchasing. In most cases you have been there many times for weekend get-away’s and the like but do you really know the area? Go on a tour of the area and make sure you know where the police station, fire dept. and hospital are located. Make sure it has all the amenities that are important to you when you are there on vacation. Talk with the locals or maybe subscribe to the local paper for a year to see what local news can tell you about the area.
Purchasing a second home is a life changing event and should be a rewarding experience. If you are considering purchasing a second home here on the beautiful Oregon coast. I would be more than happy to assist you in finding that perfect vacation home. Give me a call!