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.
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.
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.
If you are a golf pro, outdoor enthusiast, beachgoer or theme park lover, at least one of these vacation spots will appeal to you. Even more appealing, the home prices! According to Zillow’s “Best Places to Buy a Vacation Home” list, these are the top four spots based on location, price and investment potential.