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Steps to take before buying a second home
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• Find a real-estate agent who is familiar with your desired location. This person could provide you information about neighborhoods, market prices and the pros and cons of particular properties.
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•Factor in additional costs. You should consider the additional cost associted with second home such as having a management company check the place in your absence for water leaks, frozen pipes and other problems.
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• Be sure you can afford two mortgages. You have to qualify for a second-home mortgage.
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• Consider the tax implications of your purchase. If you use your home as a true second home, you could get a deduction for mortgage interest and property taxes, just as you do with your first-home mortgage.
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