Whether you’ve dreamed of owning a waterfront retreat or a country getaway, working with a mortgage professional on vacation property investments, can help those dreams become a reality sooner. By working with a professional well-versed in this niche market, you’ll be able to better understand the financing steps in acquiring a second home.
There are three key areas you should fully understand before embarking on the purchase of a vacation property:
Cost – owning a second home means paying insurance on that property, ongoing maintenance fees, utilities and not to mention the second mortgage. You can always consider renting out the property while you’re not using it, to help offset some of these costs. Your mortgage professional can help you find reliable tenants as well.
Suitability and Lifestyle – There’s an important question to consider: how much time will you be spending at this property per year? A lot can go wrong with a property when you’re not there, so looking into a property manager may be something worthwhile. A mortgage professional can help you find the company that best suits your needs as well.
Risks – the risks associated with investment/vacation properties varies depending on the province, so it’s important to speak to your mortgage professional about all the risks and factors involved when purchasing outside your province.
For more information, feel free to contact us.
Rating: 10 / 10 content="02.13.2013"