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Buying a second home can be exciting and daunting all at the same time. There are some really important decisions to make when looking at purchasing your second home.
Should you use a different lender to offer a level of asset protection, should you use the same lender because you would like to maximise your tax position?*
Buying your second home can arise from many different circumstances.
These may include:
- A rapidly growing family
- A want to buy a nicer home
- To start a rental property portfolio
- To become closer to family or friends
- To facilitate a move to a different city
- To purchase a property for a friend or family member
- To down size after family have flown the coup or for retirement
Your reason for purchasing a second home could be one or more of the above reasons, it could also be for a reason that is not mentioned above. There are many factors to look into when buying your second home.
Purchasing a second home can raise many questions.
These may include:
- Do you want to simply upgrade or turn your existing home into a rental property?
- Do I have enough equity in my existing home to purchase a second home?
- Will I have to add part or all of my savings to purchase a second home?
- Can you afford the new mortgage repayments?
- Do I want to stay with the same lender?
As you can see from the above points there are a lot of different things to consider when purchasing a second home, we would love to help you go through the process and help you with all aspects of purchasing a second property.
Contact us to go over your personal circumstances and reasons for wanting to purchase a second home.
* We strongly recommend you seek advice from a suitably qualified tax accountant before proceeding with any purchase that may change your tax liabilities.