Tips for Buying Your Second Home in Southwest Florida

December 30, 2021
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If you’ve been thinking of buying a second home in Florida, you might want to consider the southwest portion of the Sunshine State.

Everyone has heard of Miami Beach, Fort Lauderdale and the Tampa-St. Petersburg area, but the living is just as good along the Gulf of Mexico in Naples.

The area is known for its subtropical climate, great beaches, golfing and as being the gateway to Everglades National Park and Big Cypress National Preserve.

One of the reasons you might be considering Naples real estate as a second home in Southwest Florida is because it is also known as being a winter resort area.

You might have grown up in Southwest Florida and want to return there regularly for vacations and holidays. Or maybe you visited once on vacation and fell in love with it to the point that you’d like to have a regular place to stay when you visit. If that’s the case, definitely consider buying a second home here.

The beauty of owning a second home in Naples is that you can rent it out while you’re not using it. The rental income will help defray the cost of a Park Shore condo for sale, which may include a mortgage, another homeowners insurance policy, the cost of maintenance and repairs, and the monthly dues if the residence is in a homeowners association (HOA).

Naples offers wonderful beaches, boating, golf, and many other activities afforded by the year-round great weather, not to mention great dining, shopping, and entertainment. There are also many smaller locales that are great places to find second homes where you can relax amid the natural surroundings.

Work with an agent



Whether you have a location for a second home in mind or are open to ideas, such as Park Shores in Naples, the best way to get started is to hire an experienced real estate agent.

If you are interested in a second home on the water, look for a real estate agent who is knowledgable in this area. Buying a waterfront home can be more complicated and detailed than buying non-waterfront homes. Having the right agent representing your interests will assure that all aspects of the transactions are handled with due diligence and will avoid any snags that might come up if your agent is inexperienced or if you try to handle it yourself.

Since Naples is a rather large area, you might want to zero in on one locality to begin your search for both a second home and a great agent. You can begin both searches online, where you can check out the kind of properties available and the leading real estate agencies in that area, including ones that specialize in Naples homes for sale. Read up on individual agents, including their biographies, which will detail their level of experience, as well as testimonials from happy clients.

Once you’ve settled on an agent, sign a contract and get looking for that second home!

Factors to consider


Your budget


One of the major factors in the purchase of a second home in Naples is your budget. Know going into the process how big of a purchase you can afford and any upgrades you might want to make, either for your enjoyment or to make it more attractive as a rental. Also, factor in all the other costs of a home, including all utilities.

If you plan to rent out your condo in The Moorings, it would be wise to meet with a tax adviser to find out all the factors involved, including what costs you can deduct on your federal tax return. If your primary residence isn’t in the nearby area, keep in mind that you will need to hire a property manager if you plan to rent out the home. That will be another cost you will need to budget for.

If you intend to rent out your second home and are interested in a residence with a homeowners association, check the rules and regulations in advance to make sure that’s possible and if there are any restrictions.

Your financing


Once you have an idea of what Park Shore Naples condos for sale will cost you, visit a few mortgage lenders to shop for rates and terms. The lender will check many financial factors, including your monthly income and credit score, to determine how big of a loan you will qualify for. Again, make sure you have enough savings to cover the additional expenses of owning a second home as well as the down payment. 

Location, location, location


After that, it’s up to your personal wishes and lifestyle needs. Also, each locale along the Gulf Coast has its own charm and personality. If you’re not familiar with an area that interests you, you could rent a place before buying or, at the very least, drive around it to get a feel for the neighborhoods.

If you are interested in buying Park Shore real estate or buying a condo in The Moorings, contact Kelly Hammons for a real estate tour of the area.




Work With Kelly

You can count on me to always do what's in your best interest. I pride myself on working with integrity, being forthright, and being knowledgeable in the Naples real estate market. I know how important it is to find your dream home and get the best offer for your property.

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