Why a Vacation Home Is the Ultimate Summer Upgrade

Home>>Mortgage News>> Why a Vacation Home Is the Ultimate Summer Upgrade

Why a Vacation Home Is the Ultimate Summer Upgrade

Summer is officially here and that means it’s the perfect time to start planning where you want to vacation and unwind this season. If you’re excited about getting away and having some fun in the sun, it might make sense to consider if owning your own vacation home is right for you.

An Ameriprise Financial survey sheds light on why people buy a second, or vacation, home (see below): 

Vacation destination or a place to get away from the stresses of everyday life (81%) – Having a second home to use as a vacation spot can be a special place where you go to relax and take a break from your daily routines and stressors. It also means you won’t have to worry about finding somewhere to stay when you go there.

Better weather (49%) – Buying in a place where there may be nicer weather can be a great escape. This is especially so if it’s cold or rainy where you usually live. It lets you enjoy sunny days and warm temperatures, even when it’s not so nice back home.

Rental income (41%) – You can rent it out to other people when you’re not using it, which can help you make some extra money.

Primary residence in the future (33%) – You can eventually move into the home full-time during retirement. That means you can enjoy vacations there now and have a getaway ready for your future.

Having a venue for gatherings with family and friends (25%) – It would be a special spot where you can have parties, and regular family trips, and create fun memories.

Ways To Buy Your Vacation Home

And you don’t have to be wealthy to buy a vacation home. Bankrate shares two tips for how to make this dream more achievable for anyone interested:

Buy with loved ones or friends: If you’re okay with sharing the vacation home, you can go in on the purchase price together and pool your resources to make it more affordable.

Put a savings plan in place: This will require patience and persistence but consider adding a vacation home savings plan to your budget and contributing to it monthly.

Finding Your Dream Spot with a Little Help from an Agent

If the idea of basking in the sun at your very own vacation home sounds appealing, you might want to start looking now. Summer’s when everyone’s trying to buy their slice of paradise, so it’s best to start early.

Your first move is to team up with a mortgage professional. They know all the ins and outs of the area you want to be in, and which homes you should look at. Plus, they can give you the lowdown on everything you need to know about having a second home and how it can benefit you. The same article from Bankrate says:

Buying real estate in a new area — or even one you’ve vacationed in for many years — requires expert guidance. It is a good idea to work with a licensed mortgage professional specializing in vacation home loans and a local real estate professional. Local lenders and Realtors will understand the required rules and specifics for the area you are buying, and a local Realtor will know what properties are available.”

Bottom Line

If the idea of owning your own vacation home appeals to you connect with a licensed mortgage professional near you!

Curious to see what your loan payment could look like? Try our interactive mortgage calculator below:

House Payment Calculator:

GET A RATE QUOTE

FIND A LICENSED MORTGAGE LOAN OFFICER

Conventional Loans

Refinance

FHA Loans

USDA Loans

VA Loans

Jumbo Loans

Reverse Mortgage

Homes for Heroes & First Responder Mortgages

Doctor Loans

First-Time Homebuyers

Down Payment Assistance

FHA Condo

Renovation Loans

Arizona Programs

Facebook
Twitter
LinkedIn

Kyle Best

Kyle Best graduated from Eastern Kentucky University in the Spring of 2020 with a major in Business Management and a minor in Banking and Financial Services. Kyle also grew up in central Kentucky and is starting as a new Loan Officer for Geneva Financial.

Contact us Today!

Feel free to contact us if you have any questions or would like a second option on your existing mortgage.