Do you dream about owning a vacation home? If so, there may never be a better time than now!
Purchasing a second home is not a decision to be taken lightly, but if it is something you’ve always wanted, the means for making that dream come true are not as difficult as you might think. Here are some financing options you can explore to get you one step closer to owning that retreat you’ve always wanted…
Purchasing and financing a second home is a little different than purchasing a primary home. Some of the low down payment programs are not available, but with conforming loans, as little as 10% down can get you started.
Are you thinking about a cabin in the woods, a summer cottage, ski or golf course condo? Unique properties may have appeal, yet they may also need non-conventional financing. IF you can, using equity from a primary home via refinancing can be a smart solution that also provides you with “cash buyer” status
You should never purchase a vacation home if you’re dependent on rentals to make it work. However, if you are willing to hire a manager and don’t mind sharing your retreat, the income can be a great subsidy.
Tax Benefits and Appreciation
You should always check with your tax pro first, but owning a second home can still carry tax advantages that serve to reduce the actual cost of owning. Appreciation is never guaranteed, yet over time, value increases can reward you handsomely for decisions made today.
If you think you are ready to finally purchase that second home you’ve always dreamed about and would like to find out more, please contact us today. We’d love to help identify the best way to help you reach your goal!