Thinking about buying a vacation home now, is a good time to buy. Interest rates are still low and home prices are affordable. Let’s take a look at some things you should consider before starting your search take stock of your finances.
Ask Yourself
Do you plan to tap the equity in your home? And do you have
a cash reserve to cover both normal and unexpected expenses related to
the vacation home?
Get Pre-Qualified For Long-Term Mortgage Financing
The loan process is similar to that of your primary residence, research, the desired location talk to people in the area to learn more about what the area has to offer, and why they chose to live there.
Decide on the type of second home you want
Is it in keeping with your lifestyle? Are you interested in renting it out to others when you aren’t using it?
Flood Insurance
If the properties are on the water it may require flood insurance in addition to homeowners insurance. So be sure to check to make sure you are covered.
Read Also: Choosing A Retirement Destination
Also, make sure to use a realtor who specializes in vacation homes? The Agardi Team can help if you wish to contact us. We can definitely help connect you with the right realtor in your desired area.
Generally speaking, buying a vacation home is a lifestyle decision for people who plan to use it to have an escape from everyday life, and those family vacations are priceless.
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