Are you considering buying a second house in Davie, Florida? Buying a second home is a dream of many Americans. In many cases, this purchase is considered an investment. It can bring great economic benefits. A vacation home allows you to earn additional income if you rent it. Renting can be very profitable, especially when your house is located in a popular vacation destination such as Davie, FL.
Davie, FL is located close to Miami and Fort Lauderdale. This lovely town is a great place that offers lovely nearby beaches, water recreation, golf courses, entertainment venues, and cultural diversity. This friendly and laid-back community is especially attractive to families with children and retirees. However, before choosing your perfect second home, you will probably have a few questions to take into consideration. Here is a quick walkthrough of buying a second house in Davie, FL.
What use will a second house have?
Before choosing your perfect second house and letting professionals at visionmovers.com relocate your belongings there, take into account if you are buying it for your own use or as an investment.
- Vacation home
Davie, FL is a great place to relax and replenish your energy. If you are currently living in an urban, overcrowded area, buying a second house in Davie, FL will be a perfect getaway for you and your family. Thus you will always have your own place of tranquility. With a growing trend of working from home, your second house can also be an ideal place for combining work and vacation – popularly known as a workation.
- Rental
This tourist area is greatly in demand and has high rental profitability. Additionally, as the number of people who work from home is rapidly increasing, the real estate market in Florida is flourishing. Davie, FL is a perfect place to combine business and pleasure.
- Investment
Davie, FL is considered a fairly affordable real estate market. However, due to growing demand, houses are becoming more expensive. But keep in mind that a bigger investment will be compensated with a higher rental price.
Thinking about investing?
There are a few points that you should take into account before buying a second house in Davie:
- Choose the best option for you. The first thing you should do is to compare the options on the real estate market to determine which one suits you the best.
- Evaluate your current budget. Consider each of your expenses to get the estimated cost that you can pay on a monthly basis without your lifestyle being affected.
- Type of property: Another determining factor when thinking about a second house is the type of property in which you want to invest. If your intention is to rent it for vacations, consider a property with a pool or closer to the beach. If you think of long-term rent, you should consider that the property has access to amenities to ensure its constant demand.
Prepare your move
After buying a second house in Davie, you will need to organize packing and transport of the household items you will move with you. It is not an easy task. So let professionals organize your move. They will pack and transport your items properly and ensure that your belongings reach their final destination safely and undamaged.
How will you pay for a second house?
Another important question when buying a second home is how you plan to pay for it. If you need to finance it, bear in mind that mortgages for a second home do not have the same conditions as those for the first one. Banks grant a lower percentage of the total price in these loans. So you will need more savings to pay for the rest of the property. If you took a loan for your first house, it is advisable to pay it back first. When the time comes for your move to Davie, FL, team up with people in the area who will help you to settle in easily. Friendly local professional movers will be happy to welcome you. The reliable and experienced team you hire will unload and unpack your items, assemble your furniture, and assist you with anything else may need.
What type of rental do you plan?
Short-term rent of your second house will allow you to rent it for a shorter period of time or on a one-off basis through platforms such as Airbnb. You also have the possibility of a long-term rental when your place can be occupied all year round by the same tenants.
The income that you can obtain in each case is different. If you rent your second house long-term, the income may be lower than if you rent it short-time. On the other hand, if you rent it for a shorter period of time, you will have to pay the cleaning costs every time the tenants leave. You should consider hiring a rental management agency to manage the rent and cleaning service.
What expenses does a second home have?
Buying a second house in Davie means more expenses. Registry, agency, notary, numerous taxes are some of those expenses. You will have to pay the property transfer tax or a VAT if it is a new home. Also, getting home insurance is highly recommended. If you rent your house short-term, you will have to pay additional costs each month, such as electricity, water, etc. You must take into account cleaning, maintenance, repairs, and management of the rental property.
As you can see, it is very important that before buying a second house in Davie you carefully analyze these factors: location, use, investment, financing, and how to make that investment profitable. All of them will determine the type of property that will be your second house.