Finding Good Deals on Second Homes

Posted by RealEstateRama

June 4, 2008

Second-home buyers who have the money can pick up a real deal these days, particularly in states that have been hard hit by the subprime crisis. Here are some tips to help shoppers get the best deal.

Think green … beyond the green. Bike trails and hiking paths are a big draw for second-home buyers – more attractive for many than golf courses.

Look hard at the taxes. States like Florida that don’t have income taxes are socking it to part-time residents.

Stick close to home. With gas prices high and getting higher, it makes sense to look at a second home that is an easy drive.

Look beyond the obvious. Locales that are close by popular resort areas can have similar amenities at lower prices.

Think regional. Parts of the country that are regional rather than national popular vacation spots can be charming bargains.

Speculate with care. Parts of the country where prices have fallen can provide good deals, but remember short sales take time and buying a condo can backfire if the building is full of foreclosed units whose owners aren’t paying maintenance charges.

Source: Forbes, Deborah Orr. By REALTOR® Magazine Online

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