A second home is a great option for many people. Maybe you want a holiday home in Victoria so that you can visit every year, or perhaps you want a second home for your eldest children to live in. Either way you can buy a wonderful home and even add value to the property, making it an investment rather than a purchase.
This is a good idea if you are buying in Victoria, as it is a fairly expensive place to live. After all, the city is very beautiful, the homes are luxurious and there is a fantastic school system, which is probably why Victoria is the second least affordable market in Canada and B.C.
So it can be useful to get clued up before you start looking for a second home. Here are three tips to help you!
Check Out The Market
If you already live in Victoria you may think that you know the best areas to live in, but it will still be beneficial to speak to a real estate agent who understands your specific needs and requirements. Victoria is a bustling city with different districts and areas, so you may find that there is a new area that is perfect for you that you hadn’t considered before. For instance, you may have wanted to live near the fantastic farm to table restaurants in the city – but what if that is miles away from the school district?
Take Out A Mortgage
More people than ever are buying property in Victoria, but this doesn’t mean that they are paying with cash. The majority of people use a mortgage or a second mortgage to help pay for their home, but Crediful (https://www.crediful.com/best-mortgage-lenders/ ) suggest that you compare offers from multiple lenders to make sure that you find the best deal for you.
Think About Insurance
It can be slightly more complicated getting insurance on a second home. This is normally because the properties are located in different areas, making it harder for the insurance company to confirm that the second home has been fully maintained. Of course the insurance can still be arranged, but it is better to think about this sooner rather than later.
A second home can make life easier, especially if you work in a different city or have a large family. Just make sure to do your research before putting any money down.
