4 Signs You Can Afford To Purchase A Second Home

by Alex Haditaghi

Many people want to buy a second home. Maybe they are looking for a home in a warmer location. Or, they love living in two places. Radius Financial is Canada’s Number One-Rated Mortgage Lender who works with brokers in order to help customers purchase second homes. Below, learn four signs you can afford to purchase a second home, and join our broker network today!



You Have the Necessary Downpayment

When purchasing a second home, you’ll need a downpayment, and it’s often a higher percentage than the down payment required on your first home. This is because it is a higher risk to the mortgage lender. Let our mortgage lenders help you purchase a second home. Connect with them today!



You Can Manage the Additional Costs

You’ll need to be able to afford the cost of two residences. Not only does this include paying for two mortgages, but it also includes paying for all of the maintenance of the homes, such as heating and cooling bills, yard care, and repairs.



You Have a Contingency Plan

The last thing you want is for something to happen in life where you can’t afford to keep both homes. However, you do need to be prepared for that scenario. Do you have a contingency plan in placecase? From renting your second home out for a spell to selling it, you should be prepared if you find yourself in a financial bind.



You Have a Budget and Manage Your Income Well

When you purchase a second home, your expenses will most likely double. You’ll need to have a solid budget in place in order to manage the extra costs, and if you can pay down other types of debt, such as credit card debt or a car loan, that would be prudent, too.



Radius Financial is a mortgage lender in Canada dedicated to helping mortgage brokers help their customers have the home and office space of their dreams. We offer an exclusive Broker Portal designed with the needs of the broker in mind. From real-time application tracking to current market interest rates, you’ll have everything you need to succeed. Join our exclusive broker community today!