9 ways to winterize your second home

• Turn off the water
• Keep the heat above freezing
• Unplug electrical devices
• Empty the fridge
• Prevent pests
• Wash towels and bedding
• Cover your plants
• Store your valuables
• Leave a light on

1. Turn off the water

Make sure the water is turned off completely at the main supply point to prevent busted pipes. Don’t forget to turn off your irrigation system, too, if they’re on separate main supplies. A $500 replacement for a cracked backflow preventer is the last thing you’ll want to come home to. You should also drain anything that holds water, like toilets, pools, fountains, and sinks. If temperatures get extra low in the area, you may also want to pour an antifreeze solution down the drains.

2. Keep the heat above freezing

While you do want to conserve energy while you’re gone, don’t set your thermostat too low. Make sure it’s warm enough to keep the inside of your home above freezing. In general, aim to keep the temperature around at least 50 degrees Fahrenheit to prevent mold and mildew that may form from condensation.

3. Unplug electrical devices

If you leave your power on, unplug all your electrical devices (microwaves and TVs included) to prevent fire hazards and save energy. You may want to leave larger appliances, like your washer and dryer, plugged in to decrease the hassle of getting everything set back up when you return.

4. Empty the fridge

It goes without saying that you should throw out any perishables. Especially if you’re going to be unplugging the fridge, it’s best to take everything out, wash both the fridge and freezer thoroughly, and leave the doors open to prevent any mold or mildew growth.

5. Prevent pests

After you take the trash out, wash the trash cans and put away any soaps, sponges, candles, and other possible food sources for vermin. Try not to leave any food items in the home, even staples like pasta and canned goods. Winter is a great time to donate any usable items you clear out to local food drives and shelters.

6. Wash towels and bedding

Linens, bedding, and towels should be washed and stored in plastic containers. Open up the drawers and strip the beds to let the mattresses air out. That’s one less load of laundry waiting for you when you return.

7. Cover your plants

If you have outdoor plants that don’t do well in the cold, cover them up with an old blanket to prevent frost damage or bring them inside. For plants that require more maintenance, consider bringing them home with you or providing a key to a neighbor you trust who can check in and water them occasionally.

8. Store your valuables

Any boats, dirt bikes, canoes, bicycles, cars, etc. should be stored in a garage while you’re gone. If there are any window views into your storage space, cover them. You don’t want people to see into your house and be tempted to take anything.

9. Leave a light on

A certain Christmas movie comes to mind for this one, but you probably don’t need to go to such extreme lengths as that kid left behind for holiday vacation. A single light left on in a central area will do the trick. You can also install timed lights to create the illusion of an occupied home. It’s a good way to add some extra security while you’re gone.

Do I need to winterize my second home if it’s in a warm area?

If your vacation home is in a warm climate (beach house, anyone?), you probably don’t need to do much to prepare it for cold weather. For the sake of security, energy conservation, and keeping your home clean, however, you’ll still want to turn off/unplug any unnecessary devices and lights, throw out any food, and make sure valuable items are stored out of sight. And of course, don’t forget to lock the door.

Before your leave your second home for the winter, don’t forget to turn off the water and gas, empty the fridge, and secure your valuables.

The post How to Winterize Your Second Home appeared first on Cardinal Financial.

Owning a second home is a dream that many Americans share. Who doesn’t picture themselves living the good life in a beach house from time to time, or spending time in a cozy cabin somewhere in the mountains with their family? While we all like to think about these dream homes, only a relative few are able to actualize these goals. Like any major decision, purchasing a second home comes with pros and cons that you should be familiar with before you make a final choice. Owning a second home may be a dream, but it’s up to you to decide whether it’s the right move for you. Luckily, your good friends at Cardinal Financial are here to help you figure it out.

pro: um, you have a second home.

Owning a second home is a dream for millions of people, and making that move is a great accomplishment! Owning another house in a place away from home is a good look, and it comes with a lot of perks. Weekend getaways are easier, and you’ll always have a place to stay on a family vacation. The only problem is…

con: it’s second home or bust.

Many people with second homes tend to get tied down to one location when it comes to traveling. If your vacation home is a beach house in Florida, it’s hard to justify—much less afford—an alternate vacation overseas unless you’re just loaded. This logic can also box people into feeling that they need to constantly visit their second home to make the investment worth it, which isn’t wrong by any means. It just means you need to be sure that your second home is a place you won’t get tired of in five to 10 years.

pro: you can rent it out while you’re not there.

Renting out your second home is a popular way to generate extra income among people with vacation homes across the country. Many popular retirement spots have very active rental markets that bring in premium rents during the busier seasons. It’s pretty easy to list your home on the internet and find people who will want to stay in your home. The catch is…

con: renting out your home is a lot of work.

Many people say that renting out a second home on your own is like having a second job. If you’re already retired you might welcome the extra work, but if not, it could be tough to deal with. There are rental management services that can rent out your unit for you, but they’ll take a substantial piece of your revenue depending on the services they offer.

Renting out a second home on your own is like having a second job.

pro: you’ll have a place to retire.

Buying a second home in a place you would want to retire can go a long way in making a smooth transition when the time comes. It presents great opportunities to vacation and get acclimated to the area before you move there for good. You can get to know your neighbors and establish community ties that may prove useful down the road. On the other hand, it may convince you to retire somewhere else. Using a second home as a trial run for retirement is a great idea if you’re not quite sure what you want to do when it comes time to stop working.

Owning a second home should be enjoyable, not another financial burden to stress you out.

con: it costs a lot of money!

THIS JUST IN: Houses cost money to own and operate. ALSO JUST IN: A second house would cost even more to own and operate. Ideally, a second home would be smaller than your primary home, but most people have higher standards for second properties they intend to own rather than rent, which can sometimes translate to higher prices. Depending on where you plan on purchasing a second home, the cost may be higher than your primary home. On top of that, you’ll have to pay homeowners insurance, real estate taxes, HOA dues, utility bills, and other expenses like furniture. Now, these costs can be offset by renting out your second home, but like I said earlier, it’s easier said than done.

pro: but you can get tax deductions!

Even if you choose not to rent out your second home, you can still get a sizeable income tax deduction. For example, you could write off both the full amount of the real estate taxes you pay on the property as well as the mortgage interest you pay on the loan used to buy the home. These tax deductions may not offset the costs completely, but they can reduce them to the point of making them a lot easier to manage. Check with your tax professional for a better understanding of the deductions your second home may make you eligible for.

so how do i do this?

First you’re going to want to determine your ideal second home location. Think about the future. Will this be a retirement home? Do you want to be in the mountains? On the ocean? Many resort areas have a wide range of properties to fit a variety of different budgets, and the larger the area you’re considering, the easier it may be to find a property you like enough to buy.

Next, you’re going to want to establish a price range. Owning a second home should be enjoyable, not another financial burden to stress you out. Try not to reach. Pick a home with a price that’s within your means. If not, you’ll end up more financially strained than you’d like to be.

Finally, you’re going to want to talk to a local real estate agent. A good real estate agent that knows the local market will be invaluable in your search for a new home. They can help guide you through the purchase process, and may be able to help you manage the home while you’re away.

Using a second home as a trial run for retirement is a great idea if you’re not quite sure what you want to do when it comes time to stop working.

a final word.

Basically, owning a second home really comes down to whether you have the means to purchase and maintain one without bringing too much financial strain on yourself. Owning a second home may sound like a dream come true, but it’s definitely not for everybody. If you think you can manage, go for it! If you’re second guessing, do your own research. It’s super important to make sure you’re prepared before you pull the purchase trigger. If you’re not so sure, call Cardinal Financial. We can help you through the process and give you real options on how you can responsibly get into a second home.

Have you financed a second home through Cardinal Financial? Where is it? We want to know! Tell us all about your experience with your second home on social media!

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It’s nearing the end of winter and cabin fever is widespread among the U.S. The good news is that spring break is coming, which means trips to warm weather destinations for many Americans. Now is the time to put your investment property online and rent it out to spring breakers. From college students to families, those looking to get away for a week are no longer just looking at hotel rooms—they’re interested in renting a private home. Treehouses, beach houses, and cabins in the woods—no matter how rustic, eccentric, or luxurious your investment property is, there is a spring breaker who may be willing to pay you to vacation at your place. Check out these six tips for renting out your investment property and see how you could turn a profit this spring.

1. Use a legal lease

Anytime someone is paying you to stay in your house, it’s a good idea to have a written agreement, like a lease. Although documentation seems super formal, it’s necessary to protect you and your property in the event of a problem. Laws regarding temporary tenants can vary depending on where your property is located, so start at the city or state level when drafting a lease for your vacationers. In the lease, you’ll want to include things like the duration of their stay, how much the tenant is agreeing to pay you, and obligations for both parties in the event of an issue, like property damage.

2. Choose your tenants wisely

To help you avoid problematic tenants, conduct interviews with your applicants. As you’re drafting your lease, think about including a References section where applicants can write down the contact information of their previous landlords or roommates. Contacting those references can give you helpful insight as to how the tenant took care of previous rentals. This is where your lease comes in handy. In addition to detailing the terms and conditions of their stay, it can weed out the potentially destructive tenants who don’t want to bother with a lease.

3. Personally inspect the property before you rent it out

Like any apartment complex when you first move in, the landlord or management will ask you to inspect the premises and write down all the problems you find. This tedious inspection actually protects you from being held liable for damages made by the previous tenant. In the same way, you should personally inspect your investment property before (and after) each visitor’s stay. That way, if you find any damage, you’ll know who is responsible and can contact them to discuss how you will negotiate the terms of repair.

4. Install working smoke alarms and fire extinguishers

Emergency-only items like these are often the last things we think about. Bump these up on your priority list and test the smoke alarms and fire extinguishers in your investment property regularly to ensure that you’re keeping your tenants safe—and legally protecting yourself in the event of a fire during their stay.

5. Keep a maintenance checklist

Even if you’re the only one who’s managing your investment property, it’s easy to forget when was the last time you inspected the chimney or replaced the HVAC air filters. In that case, log your maintenance on items such as furnace maintenance, sprinkler system inspection, septic pumping, etc. Be sure to mark the date and keep recurring items on a schedule with labels like biweekly, monthly, and annually. You should also note the date in your maintenance log for non-recurring maintenance too, like a visit from the plumber or a roof repair. Not only will this practice keep you organized and protect you from legal battles with your tenants, but it will give insurance companies no reason to refuse your claims on the grounds of negligence, should it come to that.

6. Advise tenants of safety concerns up front

Right from the start, your tenants should know about any safety concerns that could affect them. An example of this kind of safety concern could be your onsite septic system and the plumbing issues they may experience if certain items are flushed. You may even want to advise them during the application and screening process and include the warning in your lease. Although this information could deter some potential candidates from staying at your place on their vacation, it’s better to provide full disclosure and avoid a lawsuit.

With spring break season upon us, you could turn a pretty profit on your investment property when you rent it out to vacationers. Apply these six tips for maximum profit and minimum risk!

The post How to Make Your Investment Property Pay Off This Spring appeared first on Cardinal Financial.

We get it—the mountains are calling your name and you must go. With each visit, you dread saying goodbye. You may be thinking: What could be more perfect than hiking, climbing, and kayaking whenever I want? We agree. Who wouldn’t want to wake up to sunrise views on misty mountain tops? While moving to the mountains might sound heavenly, there are some things you should consider before you begin the ascent to this unique kind of homeownership, and your new mountain home.

1. Map out your goals and intentions

This is a big investment, so take the time to decide what you want out of this home. Will this be your new primary residence? Or is this a vacation home? Are you looking for a fixer-upper, a quaint cottage, or a private palace? It’s important to determine your goals for a mountain home before you begin the process of shopping and buying to set accurate expectations for yourself.

2. Consider the transition

This is especially important for buyers who would be moving from city life to mountain life. You’ll want to think about what you might be losing about urban or suburban living. For example, how important is cell phone service? Are you O.K. with frequent poor cell reception? What about Internet? Some of the conveniences of your everyday life may not be so convenient in your new mountain life.

3. Plan to commute just about everywhere

Generally speaking, life in the mountains is secluded—and that’s probably what you’re looking for. But this might come as a bit of an inconvenience when you need to make a “quick trip” into town. When shopping for a mountain home, be sure to calculate the drive to the nearest gas station, grocery store, shopping mall, and the like. This point is even more crucial for those who might be purchasing a mountain home to replace their current primary residence. If that’s you, you’ll also want to map out your route to work before you select your home.

4. Be ready for anything

While weather in the mountains can be absolutely stunning, it can also be treacherous. Do your research and know what types of natural disasters or inclement weather the area is prone to and choose your home accordingly. If frequent storms cause power outages, the home you’re looking for should include a generator, or give you the flexibility in your budget to purchase one. If your home is in a lava, avalanche, flood, or forest fire zone, you may want to rethink its location or be prepared for extra insurance bills.

5. Factor in additional costs

This tip isn’t just for potential mountain homeowners to consider. No matter the house you’re purchasing, additional fees and closing costs will be attached to the total cost of your mortgage. However, for mountain homes, these typically run up a steep bill. We recommend you research and calculate the property taxes, homeowners insurance, disaster insurance, and amenities fees (if you’re looking at resort communities) with one of our experts to ensure that you’re making an affordable purchase.

6. Say hello to the neighbors

Once your search for the perfect mountain home is narrowed down, visit the area and get to know your potential neighbors. This will help you feel out the environment and give you some helpful insight during the shopping phase when you need the scoop on the area’s pros and cons. All things considered, you should know who you’re near, especially in the event of an emergency. A sense of community is important, even in a secluded lifestyle—you never know when you’ll need a helping hand.

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