New York City NYC

Here are ten great questions to ask yourself when buying that perfect pied-a-terre or vacation home. 

  1. What is the purpose of my second home? Will it be a weekend escape close to home or an exotic destination to visit now and again? Your purpose should drive your decision of what areas to consider.
  2. Will I rent out this property? If so, make sure to investigate the strength of the local rental market by season and year round.  Also assess whether or not it is in close proximity to public transportation and other conveniences.
  3. Do I want to retire here? If so, make sure to factor in what the proximity is to health care as well as the quality of the services provided locally.
  4. Will this property be convenient for my next stage of life? Talk with anyone who will be sharing this property with you and and make sure that this property lines up with your future needs.
  5. What is the neighborhood like? Hire a real estate agent to provide local expertise.
  6. Do I want this to be an investment property?  Second homes can be expensive to maintain.  If you want this as an investment property, make sure to do your research.
  7. Do I enjoy this area at all times of the year?  Make a trip on the offseason if you haven’t experienced it.  You should know what your area is like all year round.
  8. What will my community be like?  Make sure you chat with locals to get a sense of the community.
  9. What is my budget? Make sure to factor in the cost of renovation. If you are planning to rent it out, make sure you have the finances to cover an alternative situation.
  10. How much work is involved in keeping up the property? You should make sure that either you can put in the necessary time and effort or that you can hire someone to manage the property for you.