Homes in Coastal RI March 5, 2021

Are You Ready to Buy a Weekend Home?

North Kingstown, RI MLS #1263493.  Offered by Judith Chace, Mott & Chace Sotheby’s International Realty

Most of us city dwellers dream of a weekend home.  If you’ve been renting a place outside the city, you’ve likely already identified a community and may be thinking about pulling the trigger.  Here are some things to consider as you get serious.

First (always), MONEY.  How much do you want to leverage yourself?  Aside from the down payment, mortgage, taxes and insurance, will you have enough left over to make any improvements you want?  Don’t forget maintenance on your primary residence and, now, a weekend home.  As always, work with your financial advisor, and if you’re ready to proceed, establish a relationship with a lender.

BUYER’S MARKET VS SELLER’S MARKET. If there is a shortage of inventory where you are looking, it may mean that there is a lot of competition for the good properties and that sellers can command aggressive prices – a “seller’s market.”  It may also mean that you’ll need to put up more (or all) cash and make some other concessions in order to be competitive.  If, on the other hand, there is plenty of inventory, you may find yourself in the driver’s seat – a “buyer’s market.”

An AGENT who specializes in your target community is the key to getting a jump on properties as they come on the market, or even before.  They’ll also have access to non-MLS listings within their company that you won’t find on Zillow and other sites.  Obviously, the more you know about what you want and don’t want, the more your agent can help you tailor your search and present only properties that will work for you.  Be honest about your criteria and finances, otherwise it will be a frustrating experience for both of you.

The more prepared you are, the faster you can move on an opportunity.  In all markets, good properties that are well priced sell quickly.  And remember, “well priced” doesn’t mean bargain – it means priced in accordance with recent comparable sales.  Your agent can provide a Buyer’s Market Analysis (BMA) once you home in on a specific neighborhood or property. Once you have an informed idea of how much a weekend home is going to cost you; what you’re willing to spend; and have your lender’s pre-approval, you’re in a good position to jump on the right opportunity.


Michael Mosca is a real estate agent with Mott & Chace Sotheby’s International Realty in Narragansett, Rhode Island.

Michael specializes in properties in coastal RI and he is a member of Our Trusted Network of Sotheby’s International Realty agents around the U.S. and across the globe