Buying a Second House Just Got Easier
By Lindsey Mather. Photo by: Björn Wallander.
Having a second home changes the question of vacation from if to when. Suddenly, every weekend (and weekday, if you're lucky) is an opportunity to relax and recharge away from the stress of everyday life. Scrolling through listings and hitting open house after open house sounds fun, but it can quickly become a slog if you don't know what to look for—or what will be a good investment down the line. We turned to two real-estate experts to get their top tips for navigating the summer home market. Here's what they had to say:
Ask yourself how much work you want to put into this house
"Unless you really want to redo a property yourself, and many people do not, buy a home in good condition, outside of a flood zone if possible, and think about your time frame for selling or renting. If your time frame is long-term, in what shape will the house be then?" says Donna Simmons of Mott & Chace Sotheby’s International Realty. Older homes are more likely to require extra upkeep, notes Chris Foglia of Daniel Gale Sotheby’s International Realty. "If you are interested in expanding or making major architectural changes to a home, it is also important to understand the setbacks, lot coverage, and any need for permits that may arise," he says. "Size of the home will also determine how much interior maintenance will be needed."
If you want to rent it out, the address is the most important factor
"Location and proximity to amenities best determine the resale and rental values of a property," says Foglia. "You can change almost anything about a house and add various finishes and amenities, but a good location will always hold the most value."
More: 18 Incredible Rooms Perfect for Your Dream Home
Being near town can be just as valuable as being on the water
"Waterfront and water-view locations are highly desirable and generally the most expensive. However, there are many vacationers and summer residents who enjoy a closer-to-town or village experience, where everything is just a short walk away—think Nantucket or Watch Hill," says Simmons. "These villages are simultaneously sophisticated (tiny shops and restaurants) and small-town in feeling, a perfect combination that allows vacationers to spend time off in a stress-free environment."
Pools are great, but so are indoor amenities
"Because it's a warm summer community, swimming pools are still the most popular amenity in Hamptons homes," says Foglia. "Whether you're not a beach lover, want to go for a swim after the beach, or just need to cool off quickly on a hot summer day, a pool is the perfect answer." However, Simmons has noticed that what's inside counts, too. "Surprisingly, close to the beach in the Northeast, one of the most desirable home amenities is air conditioning," she says. "Nowadays, vacationers who leave a perfectly comfortable primary home want to have the same quality of experience in their summer home."
Investigate every square foot carefully
"Hire an inspector for any home purchase, but in older homes, be sure to have them look out for any compromised structural beams. The beams may have been cut through when plumbing and electricity were installed years after the home was built," notes Simmons. "I worked on the revival/rebuilding of the Ocean House—the original building could not be saved for this reason." And don't forget to check out the basement. According to Simmons, it should be dry, which isn't always the case in places with a high water table.
This story originally appeared on Architectural Digest.
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