How to Decide if a Second Property Is Right for You
More and more homeowners are asking the same question: Could a second property make sense for me?
Whether it’s a future retirement plan, a weekend escape, or a smart rental opportunity, a second home can offer real value. But it also comes with new questions, unexpected costs, and plenty to think through.
If you’re starting to explore the idea, I’m here to help you make sense of it. My role is to help you figure out whether buying a second property is a good fit for your goals, and how to move forward if it is.
Why Buy a Second Property?
There’s no single reason to buy a second property. Some people want a quiet place to escape to on weekends. Others are thinking ahead to retirement. Some are looking to generate income and diversify their investments.
Whatever the motivation, it’s important to understand what you want the property to do for you. That clarity will guide every step of the process, from the type of home you choose to how you finance it.
Is It Feasible? The Key Questions to Ask
Before diving into listings, I always walk through a few key questions with clients:
What’s the main purpose of the property? Is it a family getaway, a rental, or a mix of both?
Can you comfortably afford the full cost, including maintenance, property tax, and insurance?
Will you use it seasonally or all year round? That affects everything from access to upkeep.
Are you planning to rent it out? If so, you’ll want to consider local bylaws, tax implications, and whether you’ll manage it yourself or hire someone.
These early conversations can save you a lot of time. They often bring clarity about what’s realistic and what’s worth holding out for.
What to Know About Financing a Second Property
Getting financing for a second property isn’t quite the same as your first mortgage. Here are a few things to keep in mind:
Down payments are often higher, especially if the home will be used as a rental.
Interest rates may be slightly different from those on your primary home.
Your lender will look at your overall debt picture, including any remaining mortgage on your current home.
If you plan to rent the property, not all lenders will count that projected income toward your approval.
This is where having a good mortgage advisor in your corner can make a big difference. I can connect you with professionals who understand how to structure second property financing the right way.
Location, Location… Lifestyle
Where you buy depends on how you plan to use the property.
If you’re thinking about weekend escapes, you’ll likely want something within a reasonable drive from Ottawa. Popular choices include Calabogie, Rideau Lakes, Lanark Highlands, and closer towns like Perth or Almonte.
If your focus is investment, it might make sense to look at areas with steady rental demand such as student towns, growing suburbs, or established vacation destinations. Zoning, rental regulations, and long-term growth are all part of the picture too.
Every buyer’s priorities are different. I’ll help you sort through the noise and stay focused on what makes sense for your lifestyle and long-term plans.
What to Look For in a Second Property
Second homes come with a slightly different checklist than your primary residence. Here’s what I typically look out for:
Is the property move-in ready, or will it require major work? Renovations can be more challenging when you're not nearby.
How much maintenance will it require? Consider things like heating systems, roof condition, water access, and septic systems.
Does it have features that matter to you? That could include lake access, a garage for storing gear, or space to host extended family.
Is it accessible year-round? Some properties aren’t plowed in winter or can be tricky to reach in certain seasons.
These are the kinds of details that help you make a smart, informed decision — not just one based on the view or the vibe.
Hidden Costs and Common Pitfalls
Even the coziest cottage or smartest investment property can come with costs you didn’t expect. A few common ones to consider:
Insurance tends to be more expensive for seasonal or rental properties.
Utility costs and services can be higher or harder to manage in rural locations.
If you're not nearby, you may need to hire a property manager or arrange for someone to check in regularly.
If you sell the property down the road, capital gains tax may apply. Rental income is also taxable and needs to be reported.
When we walk through a property together, I’ll help you look beyond the listing price to make sure you're prepared for the full picture.
How I Help
Buying a second property is a big decision. My role is to help you understand what’s possible, what’s practical, and how to get there.
Here’s how I support clients through the process:
We start by talking through your goals and your timeline
We review your budget and financing options with experienced mortgage partners
We narrow in on areas that fit your lifestyle or investment priorities
We evaluate properties with strategy, not emotion
We navigate the offer, inspection, and closing process together
It’s not about rushing to the finish line. It’s about helping you feel confident, prepared, and excited about your next move.
Curious About a Second Property? Let’s Talk
Even if you’re not ready to make a move, it can be helpful to have a conversation. I’m always happy to share what I’m seeing in the market and help you explore what’s possible.
When the time comes, you’ll know exactly what your options are—and how to move forward with confidence.
📩 Reach out here and let’s see where this could lead.
