Metro Detroit Mortgage Lender Gives Tips for Finding a Vacation Home
For many, a vacation home is the best way to relax after a busy work week or a place to go for retirement. When selecting a vacation home or a second home, you have many options to consider.
Location is Everything
For a buyer, location is probably one of the most important things to consider when buying a vacation home.
The location of the home can affect its price, the neighborhood it rests in, and whether it’s urban or rural. Try to focus on areas with real estate prices that appreciate over time in case you ever need to sell the property in the future.
Talk to the local real estate professionals in the area you are considering. They can help you understand the real estate climate and trends around the area. For a lot of urban areas, the asking price is usually more flexible. In urban vacation areas, you will have less competition with other buyers, but it is always best to consult to the area’s real estate professionals.
Budgeting and Rental Planning
Anyone buying a vacation home is going to be excited, but don’t let that excitement allow you to make rash decisions. It is important that you take at least a few days to consider buying the property before actually doing so. Renting the vacation home is a great way to test the property without dumping a lot of money into it. Some homes may even have a rent-to-buy system put in place by the landlord. You should not buy a home unless you are for sure in love with it. You wouldn’t want to make a hasty purchase and get stuck in a place that isn’t your dream vacation home.
Also, remember, buying a vacation property has many expenses associated with it. Utilities, taxes, and other costs can add up. It is important that you have a proper budget and plan before purchasing. Consider all the costs and don’t leave anything out of your plan. Everything from maintenance to cable T.V. needs to be accounted for within your budget. Otherwise your vacation home meant to provide relaxation may become more of a stressor in the long run.
Consider How Much the House is Worth to You
How much time you plan on spending at the home should be the determinant of how much money you spend on it. Figure in travel costs as well as any maintenance commitments you make. Every property will require a certain amount of maintenance to be done. You need to figure out if you are going to pay someone to do it or if you are going to do it yourself.
Just like buying any other house, buying a vacation house takes time. Don’t be in a hurry because you might overlook the home of your dreams.
About Metro Detroit Mortgage Lender, Julie Krumholz
Julie is a Metro Detroit mortgage lender with over 30 years of experience. She has worked in underwriting, quality control, processing, closing and loan origination. Her extensive background allows her to advise Michigan borrowers with unusual expertise.
If you are looking for a Michigan mortgage expert to help you finance your vacation home, contact Julie today by calling: 586-382-5482.