Considerations When Purchasing a Second Home in Wilmington

Owning a second home is a dream come true for most people. We all fantasize about our own little getaway, whether it be for the weekend or even an entire summer. For so many, time spent in Wilmington is a little slice of heaven. It has the amenities of a small city, has beach access and lets us get away from the busyness of life when we need it. But is it the right move for you?

If you are on the fence about whether to purchase a second home in Wilmington, here are some considerations:

Does it make financial sense? If you visit often and you’re tired of putting money into vacation rentals and think owning a second home might be the right step for you, talk to a local real estate agent. Factor in the costs of a second mortgage, real estate and tax bills and year-round upkeep. If you purchase a second home in Wilmington, are you willing to offset the cost by renting it out when you’re not using it?

Vacation Rental: Offset the cost of your mortgage, real estate taxes, upkeep, etc by renting your home when you and your family or friends are not using it. Don’t worry about the logistics of cleaning the home between renters and making sure the property maintenance is being taken care of in your absence. That’s what NINE10 is here for! Check out our Vacation Rental Support Services.

Co-Ownership: If the thought of renting out your place is unappealing, but you don’t want to take on the full financial burden of a second home, consider co-ownership. Buy your second home with a close friend or family member.

Location: Do you want a second home with water access or are you willing to walk a block or two to the beach? Does downtown living with a view of the river sound more appealing to you? Where in Wilmington do you want to buy?

Maintenance: It’s difficult to take care of a home when you’re not local year-round. Hiring a company like NINE10 Coastal Concierge to check-in on your home when you’re not there is the easiest way to ensure it stays in tip top shape and bring you peace-of-mind that your investment is safe and sound.

If you need more information, our knowledgeable concierge team is available to answer all of your questions about our Home Management Services!

At NINE10 Coastal Concierge, we have one goal. We want you to STRESS LESS and ENJOY MORE!

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