Keys to Buying A Vacation Home

There are lots to consider when buying a vacation home. Check out our three keys to help you in your search. Our team is ready to answer your questions. Give us a call at (231) 459-3179 or email Brook, brook@nmescapes.com.

1. Consider the cost—and whether you can afford it
Unless you purchase your vacation property with cash, you'll need to apply for a mortgage—typically, a downpayment of 10-20% is required. You’ll also need to meet minimum credit and debt-to-income standards, and provide documents for asset and income verification. 

2. Think: location, location, location
Lakefront cottage? Beachside condo? Cabin in the woods? Know what you’re looking for, then get to know the area.

Bonus tip: Find an agent who’s an expert in your locale, as well as an expert in vacation homes and short-term rental properties. Brook Walsh can fill you in on market prices, assess the pros and cons of particular properties, and share data-driven income projections. 

3. Decide how you’ll use it
Are you buying a home to build wealth, plan for retirement, or simply vacation? Deciding which benefit is most important to you will help you choose the right property. If you plan to use your home as a vacation rental, consider how location,  amenities, and attractions will impact its appeal to your future guests—and how much you could earn.

Still, have questions or want more information on the whole process? Give Brook a call at (231) 459-3179. He's happy to help.