With record low-interest mortgage rates and a collective pandemic-driven desire to get out of town, many people are seriously considering buying a second home.
According to Business Insider, financial planners say there are three things that potential buyers should think about before taking the plunge.
Business Insider reports that first, you need to have your own financial house in order. Be on track for retirement, and have absolutely zero high-interest debt.
Second, remember that you'll have all the same expenses for a second home as you do for your primary house: insurance, utilities, security systems.
Not only that, you'll need to up your life insurance coverage, and get or add onto your existing disability insurance.
Finally, things go wrong with houses, too, and need costly repairs. If you can handle all that, and won't need to rent the house out to cover it all, go for it!
