Things to Consider When Looking to Buy a Second Home
There are numerous benefits to owning a second home, especially if you are buying the property for travel and leisure. Investing in another residence can provide you and your family with a comfortable vacation destination of your choice that you can visit at any time.
Whether you find yourself making frequent trips to your favorite getaway spot or you are looking to make new memories in a different environment than what you are accustomed to, buying a second home can be an opportunity to spend quality time with your friends and family.
We understand that escaping the daily hustle and bustle of life’s demands is a necessity from time to time. However, if you find yourself traveling often, it may be a wise investment to consider buying a second home.
A second home can serve as a personal vacation home and, in some cases, even provide passive income if you decide to rent it out to other travelers or long-term tenants. If you have the financial means to purchase a second home and maintain it year-round, you could see a return on your investment.
At Ranger Ridge Estates, we have designed our Lone Star State community with the beauty of the landscape and the experience of living on a working ranch in mind (without all the arduous labor). Our five- to seven-acre parcels of land are carefully plotted for homeowners to enjoy the various creeks and lakes that flow throughout the reserve in the comfort of their own backyard.
If you are interested in buying a second home for your family that feels worlds apart from hectic city life, our community offers a one-of-a-kind experience that’s reminiscent of the old frontier but with all the modern features and amenities that are important to homeowners and travelers today.
Before you decide if Ranger Ridge is where you’d like to build a second home, be sure to take all factors into consideration, including your financial situation, maintenance costs, location and more.
Three Considerations to Keep in Mind Before Buying a Second Home
- How might a second home impact your finances?
As a homeowner, you understand the impact a home can have on your finances. When you own a home, you are responsible for all maintenance, upkeep and repairs involved with your property.
Take the time to write out a detailed budget of all the expenses you may incur by purchasing a second home. Aside from unexpected expenses and repairs, maintaining a home involves everyday costs such as:
- A second mortgage payment, homeowners' insurance and property taxes
- Travel costs to get to and from the house
- Utilities
- Upkeep
- Membership fees
2. Will a second home hinder your ability to travel to other destinations?
Ask yourself the question, “Do I envision myself vacationing here over and over again?” You must take into account what is required to travel to your second home (i.e., far distances, bumpy dirt roads, inclement weather, etc.) and if you can see your family being comfortable in the area.
At the end of the day, your vacation home is still a fully operable home, so be sure you are close to essential household amenities such as grocery stores, gas stations, restaurants and more.
If you are banking on spending most of your vacation time at your second home, you should feel confident that you and your family will enjoy going back regularly.
3. Do you want to be able to rent out your second home in the future?
Aside from being your family’s vacation destination, your second home can also serve as an additional stream of income should you choose to rent it out. Depending on where you’re looking to buy a second home, be sure your desired state, city and neighborhood allows homeowners to lease their property to tenants. It’s important you are familiar with local laws and community regulations before investing in a property that you intend to rent out or list on vacation rental platforms (i.e., Airbnb or VRBO).
Build the Vacation Home of Your Dreams and Book Your Exclusive Tour of Ranger Ridge Today
If you and your family are looking for a peaceful respite nestled in lush pastures of greenery and lakes, Ranger Ridge Estates might be for you. It is an exclusive community for wilderness aficionados and sportsmen alike. Located near the historic Ranger Hill, our property spans across a 2,600-acre development that includes nearly 100 opportunities available for purchase.
We’d love to discuss your plans for buying a second home in Texas. Book a private tour online or by calling us at (817) 618-6773 to find out if Ranger Ridge is the right fit for you and your family.
