Snowbirds love to come to Florida to escape winter. Where do Floridians go to escape the Florida heat?

North Carolina! Because of its unique landscape and desirable summer weather, North Carolina has a robust second home market fueled by Floridians. Today I am going to share questions to consider before purchasing a second home.

1. What is Your Preferred North Carolina Setting? When purchasing a second home, you are typically going to purchase a home or location that is different than your primary residence. For example, you can purchase a home with a mountain view, forest view, waterfall view, etc. You also may choose a less urban setting to gain more privacy and to escape the city grind where you currently live and work. You would choose home options that your Florida home doesn’t typically offer.
2. What is your Budget? Budget is a little different with a second home. First, there is the budget to acquire the home – the purchase price. Then second, there is the cost to maintain the home monthly, even when you are not using the second home. It can feel burdensome to have two home expenses. Insurance, maintenance, utilities, and other regular home expenses still have to be paid whether you are using the home or not that month. You need to consider what your personal budget can handle each month to carry the second home’s expenses.
3. What are Your Plans When Not Using the Home? When you are not using the property, you will need to decide if you will use the home as a short-term rental. This can offset the cost of owning the home. If you plan to use it as a short-term rental, you will need to pay attention to local laws. There are areas where short-term rentals are not allowed by local law (or strongly discouraged). You will also need to determine whether you will use a property manager or manage the rental yourself. When purchasing, you may also want to consider how many people the home can sleep. The more bedrooms or sleeping space, the more desirable the home will be as a short-term rental and will help maximize your income. If you do not wish to rent it out, you will need people who can help maintain and keep an eye on the property for you. For example, if a snow storm comes through, you will need someone who can check that a limb didnt fall on the home or the pipes burst. Knowing what you plan to do when you are not at the home will help narrow down best second home options and locations for your needs.
4. What North Carolina Amenities or Lifestyle Do You Want to Lead? North Carolina is different than Florida. If you want that great mountain view, you may be an hour away from the local grocery store. Or you may be outside the city center and have to drive your trash to the dump. If you do not prefer that lifestyle, you may prefer a country club setting. A country club setting will come with a higher price tag though. Thinking through those amenities and realistically what that lifestyle would look like are important when deciding to purchase a second home.

Once you consider these questions, you will start narrowing down different areas of North Carolina that will work for you, your budget, and your lifestyle choices. A local agent is a great resource to make sure you invest in the right area and get good price appreciation in the future. Feel free to reach out if you need a good local referral in the area you are looking.

Contact Laura to Learn More!