Guide to buying a second home in Rye

Is your reason for buying a second home in Rye an investment? Or do you want to spend more time in your favorite vacation spot? Some dream of a holiday home or retirement home, others simply need more living space and would like to rent out the smaller property. No matter what your reason is, buying a second home in Rye can be a good decision. And by choosing the right movers Rye NH you can actually enjoy the whole process.

Know what to look for when buying a second home in Rye

Visit the area during each season to get to know what it is like all year round. You can also talk to locals and ask them about the area. And don’t forget to review other home sales in the area to see what the track record on resale values of alike properties is. By comparing home prices, you can have a good idea about how expensive the average home is in the area. The strength of the local economy, trends in resale values, property tax rates, quality of local schools, and medical care are all factors to consider. Have a plan prepared to ensure your buying a second home is as joyful as it can be.

Ask an expert

Find a good real estate agent who can help you narrow down your housing search when you are buying a second home in Rye. You should consider taking an agent with more years of experience in the area you’re searching for. For homeowners that have primary residences far away from their second home, it is important to stay in touch with the real estate agent after the sale. Good real estate agents will do that. Then Preferred Movers NH can help you with everything regarding your relocation after you buy your dream house.

Is follow-up financing recommended?

Are you completely unencumbered or have you almost completely repaid your first mortgage? Then the easiest way to finance a second property is to take out a follow-up loan on your own home. However, you will need to meet debt-to-income ratio guidelines in order to get approved for a second mortgage. Conventional loans require a FICO score of at least 620. Of course the higher your credit score the better interest rate you’ll receive. Because the credit guidelines within the US have become stricter and many lenders are reluctant to lend, it is more difficult to obtain a loan from a second institution. Therefore, don’t close any accounts because by doing that you are actually dropping your credit score.

The beautiful town of Rye can be your sanctuary in your retirement or your vacation “runaway” place. You will enjoy the Atlantic coast. Here you can go fishing, explore nature and wildlife, you can go watch whales and enjoy beautiful beaches. So buying a second home in Rye can be a great investment in your personal life. In the end, we hope that you find a great house that you will enjoy.