Buying and Financing a Second Home
There are many reasons you might consider buying a second home and Scotiabank can help you achieve this goal.
Perhaps a few days away from the city made you think about buying a weekend retreat. Maybe you’re considering an investment property to produce additional income. Or perhaps you would like to buy another property to provide a home for a child going away to school.
Whatever your interest, it’s important to consider financing options and other issues before beginning your search.
Your primary residence is a good place to look for financing. For example, if your home is worth more than your outstanding mortgage, you may be able to tap into some of the available equity. Depending on the amount of equity you have built up, with the Scotia Total Equity® Plan, you can borrow up to 80% of the value of your home to finance the purchase of a second home, cottage or investment property.
When considering your options, remember to think about your full financial picture, since along with the cost of purchasing the property, you must also budget for other expenses like maintenance and property taxes.
As part of your research into additional properties, your real estate agent can be a valuable resource to help you with your planning and budgeting. They understand the market conditions and can give you good estimates of taxes and annual upkeep costs. Your real estate agent can also assess the rental market, if you are considering renting your new property to help with the carrying costs.
So whatever type of second property you have in mind, meet with a Scotiabank Advisor for relevant financial solutions geared to your goals.