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Being a local of Raleigh is pretty rare these days. Residents are feeling the boom as housing inventory is low but interest is at an all-time high. With new businesses, restaurants, and breweries opening on a daily basis, we’re quickly filling in the 145 square miles our city encompasses. According to Wake County Government, an average of 63 people are migrating into the area every day, and an increasing number of people are buying their second, non-primary residence in Raleigh.
While some dream of a bungalow at the beach or a cabin in the mountains, more people are choosing the Raleigh area for their second home to be near family. Our newest neighbors are choosing to buy a home or townhome instead of sleeping on the old family pullout couch or staying in a pricey hotel for every visit.
Katie Joiner, a Gainesville, Florida resident, recently purchased a townhome in Wycombe Manor, off of Strickland Road, to be closer to family. Her family lives and works in North Raleigh so location was the most important factor in her buying decision.
“I wanted to live among my grandkids,” says Joiner, who shopped for nine months before finding the perfect part-time home. “I plan to spend about three weeks [in Raleigh] and ten days in Florida, depending on my son’s schedule.”
Frequent visitors may not feel the need to buy, but if it’s cost effective for you and your family to purchase a second home or an investment property in Raleigh, prices and interest rates are continuing to rise. It’s prime time to get in on the action.
Buying a second home?
Read this First!
1. BUDGET! After talking with your loan officer (and make sure to tell them if it’s an investment property), make sure to add up all of the monthly expenses for your new home. On top of your primary residence, factor in your second mortgage, taxes, insurance and utilities before buying another property that maxes out your monthly income.
2. LOCATION! What’s most important to you? Being as close to your family as possible or being in the hottest location for resale or rental value? A quick drive to the grandkids might seem ideal, but if it’s further away from your favorite parks and stores, you might want to consider focusing on your top priorities.
3. UPKEEP! If you’re not going to be visiting often or if you’ll be renting out the property through a vacation rental site, make sure someone local can check in and monitor regular maintenance. You don’t want to return to find the house in shambles and the lawn overgrown. Having a plan in place for upkeep will help reduce your stress upon arrival.
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