It’s that time of year again. Dreary skies and cool temps coupled with spring break planning has you thinking of what it’s actually like to own a home in your favorite vacation spot. In 2015, vacation homebuyers accounted for 16 percent of all homebuyers, which is historically high, according to the National Association of REALTORS® 2016 Investment & Vacation Home Buyers Survey. If a vacation home has been on your mind, here’s what you need to know about financing and choosing a good second home investment.
According to a 2016 Gallup poll, Americans’ top pick for “best long-term investment” is real estate, coming in ahead of stocks, mutual funds, gold, savings, CD’s and bonds. While owning your own home has an immense amount of benefits, so does purchasing and maintaining a rental property, though it’s not for everyone. If you’re considering the path of real estate investing, see what you need to consider first.
Freedom from debt is arguably one of the best feelings. As homeowners build their savings and investments, many ask if paying off their mortgage early is the right path to financial freedom and stability.
Buying, financing and maintaining a home is a multi-step journey, whether you’re a first-time homebuyer or an experienced homeowner. This is why we strive to educate potential homebuyers and homeowners prior to and after closing on their mortgage. But we need a little feedback on topic areas we may have missed.
While ridding yourself of debt is a common mortgage goal for many, becoming “financially free” isn’t as black and white when it comes to paying off your mortgage. There are several variable s to consider when determining if mortgage freedom is the right stepping stone to financial freedom. Could your money be of better use (and opportunity) elsewhere?
With mortgage rates near historic lows and the continued appreciation of home values, the purchases of second homes or vacation homes have skyrocketed in the past few years. In 2014, vacation home sales boomed to a peak estimated 1.13 million, up from 717,000 in 2013, according to the National Association of Realtors.
While you’re relaxing at your spring break destination this year and find yourself entertaining the idea of purchasing a vacation home in the future, here are some considerations for choosing a good second home investment.
With interest rates near historic lows and rental costs still soaring, it makes sense to invest in some real estate, but just like buying a primary home, investing in a rental property requires a lot of consideration, research, and decision-making to guarantee a positive return of investment. Though these tasks may seem daunting to a first-time real estate investor, they are essential to making sure your property will generate the revenue you desire.
Finding a home that meets every one of your wants and needs can be a daunting and somewhat unrealistic task. Maybe you love the look and nostalgia of an older home but also want the efficiency and modern features of new construction. Perhaps you’ve found a home with great “bones” but is in need of some major (or minor) TLC.
This is where rehab loans come into play for homebuyers who love the idea of making a home their own but need a financing option to do so. Here are three options that give you the ability to not only buy a fixer-upper but make the home improvements and renovations to make it livable and energy efficient.
When it comes to building your investment portfolio, it’s a good idea to have a diversified amount of income-generators. For the second year in a row, Americans named real estate a better long-term investment over stocks, gold, savings accounts/CDs or bonds, according to a 2015 Gallup Survey.
As an investment property owner, upgrading your rental property from time to time is a must in attracting and keeping quality tenants. Here are a few simple, budget-friendly home improvements to appeal to your local rental market.