Thinking about buying a second home? Here’s what you should consider.
You’ve worked hard and are close to retiring. You and your spouse would love nothing more than to have a home in the sunny part of the country at least part of the year. Chandler, Gilbert, and Mesa are perfect places to consider when buying a second home but don’t rush the decision. Take time to hire the right real estate agent, review your financial situation, and learn about the market before signing on the line. Financial Plan Before you look at housing inventory and mortgage rates, consider your financial plan, including short and long term goals. It might seem like a great idea to have a retirement home in Chandler but can you afford it? It’s worth a conversation with your financial advisor and tax professional. Things to consider include: When do you plan to retire? How much have you saved toward retirement? Do you have a mortgage on your first home? If yes, when will it be paid off? What is your debt payoff plan for consumer and student loan debt? The answers to...