 | Daily Real Estate News | June 4, 2008 |
Finding Good Deals on Second Homes
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 (05/16/08)
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