What you need to know if you are thinking of buying a second home

The April 2016 introduction of the UK stamp duty surcharge, has put a bit of a damper on the attractiveness of buying additional property as an investment for some. However, for others it can still be a viable investment option. Before one makes the investment it is critical to understand what your investment planning requirements are. Some key items to consider are: 1.) Whether you’re looking for a longer or shorter return on investment time-line, 2.) Ensuring you have your financing plans clear, and 3.) Completing the same level of due diligence on your second property, that you used when purchasing your primary home.

Key Takeaways:

There are many pros and cons to purchasing a new home. It is important to weigh them
Think about your timeline as an investment on this property. More than likely it will be long term.
There will be a lot of research that goes into determining if purchasing a second property is right.

“Think about your reasons for investing, get your finance in place, research potential locations thoroughly, and find an agent who knows the areas you’re considering, or with international reach if owning overseas is your goal”