🏡 What I’m Thinking About Before Buying a Second Property

Edith Parinas
Oct 29
3 min read

As a mortgage broker, I help people plan and purchase properties every day — but now, I’m in the planning seat myself as I explore buying a second home.

Whether you’re thinking of a family cottage, a rental unit, or just love the idea of expanding your real estate portfolio, here’s a look at what’s on my mind… and what should be on yours too.

💡 Why a Second Property?

For me, it’s about legacy and long-term strategy — building equity, creating opportunity, and having options for the future.

But here’s the truth: owning a second property is not just about having another keychain. It’s about cash flow, taxes, timing, and running the numbers… again and again.

Here’s what I’m mapping out before I move forward.

💸 1. What Will This Property Do For Me?

Before I even look at listings, I ask:

Is this a vacation home I’ll enjoy?
A rental property for income?
A future home for family?
A stepping stone to later flip or refinance?

🤓 Clarity matters — it shapes everything from mortgage products to tax planning.

🧾 2. What’s My Down Payment Plan?

For most second properties in Canada:

You’ll need at least 20% down (because it's not your primary residence).
Rental income may help qualify, but not all lenders treat it the same.

I’m reviewing my equity, liquid savings, and long-term affordability — and if you’re in the same boat, that’s the first place to start.

💬 Need help calculating what your second property budget might look like? That’s my jam.

📉 3. How Will Interest Rates Impact This Decision?

The market’s still adjusting, and while we’re seeing signs of easing, rates are not what they were a few years ago.

So, I’m asking myself:

What rate do I qualify for now?
Can I comfortably carry this mortgage alongside my first one?
Am I building in a buffer in case of vacancy or extra costs?

Buying in 2025 means being a little more cautious — but with the right guidance, still totally possible.

🧾 4. Am I Ready for the Extras?

A second property means second everything:

Second set of property taxes
Second set of maintenance costs
Potential repairs, tenant management, insurance upgrades

If it’s a rental, I’m also considering:

Do I want to self-manage or hire help?
Am I up to date on local landlord laws?
Do I have a cushion for unexpected expenses?

📍5. Location, Location, Purpose

My search is shaped by both lifestyle and logic.That means asking:

Is this a place I can access easily?
Is there year-round rental demand?
What’s the appreciation potential?

I always remind clients (and myself): The best second home is one that serves a clear purpose, not just a vibe.

✨ Edith’s Final Thoughts

If you’re dreaming of a second property, it’s not just about whether you can get a mortgage — it’s about whether this next step is aligned with your bigger goals.

From helping you qualify, to showing you how to structure your purchase wisely (including using rental income to qualify or extending amortization to lower payments), I can help you approach this decision with clarity and strategy.