Buying a second home can give you great investment along with rental income. You could also turn that into your retirement home and tax deductions, says Money Crashers. However, picking out the right one can be a bit of a challenge. Here are a few questions to get you off to a good start:
What do you need?
Are you looking for a retirement home or simply an investment opportunity? Do you want great rental income or just a lakefront property in Lake of the Ozarks that you and the rest of your family could come into for weekend getaways? This will help narrow down your options.
How often will you be there?
Do you plan on using the property a few weeks or months a year? Or do you see it as a convenient weekend getaway? One you’ll want to go every week? These will also affect any plans you have of renting the home out.
What kind of activities do you like?
Love engaging in water sports? An avid swimmer? Maybe you love going out on a boat and spending hours to fish. If you enjoy all these, then owning a lakefront property in Lake of the Ozarks suits you. It’s the perfect place to indulge all your hobbies and favorite activities in the water.
What’s the community like?
If you plan on living in that property at all, you’ll want to consider the community as well. Breathtaking views and easy access to the water are all well and good but when you choose a home, you’re also choosing to be a part of the community. Is it a good one? Do you see yourself making a home there, you and your family fitting right in?
To make the most out of your search, look for local real estate agents to help you. With a pro, finding that second home entails more fun and less hassle.
