Owning a vacation home near your favorite beach, mountains or lake offers many potential rewards for you and your family. In addition to the pleasure of being able to visit your favorite destination, you can also deduct some of the costs associated with owning a vacation home, including real estate taxes, personal property taxes and mortgage interest.
Financing your vacation home
Getting investment property loans for a vacation home doesn’t have to be complicated. Along with your real estate agent, Maximum Lending can help you consider all the many factors:
- Family appeal: Your vacation home should be comfortable for all family members. Make sure the home has enough space and amenities to keep everyone happy.
- Travel time: The farther away your vacation home, the less often you are likely to visit. Determining how many times a year you will visit can help you to decide whether the home is a wise investment.
- Regional Issues: When are the peak times of the year to visit? What kind of neighbors will you have? What are the social, political and tax issues in the area? These questions will help you decide whether the property is a good candidate for rental income.
- Community: If you are planning on making your vacation home your retirement home one day, take some time to explore the surrounding area to see if it will meet your needs as you get older.
Invest in property assets
Demand for housing in popular vacation areas is expected to rise, so investing in a vacation home has never been more lucrative.
Let the experts at Maximum Lending explain how easy home financing options can help you purchase your dream vacation home. These investment property loans include FHA Home Loans, Fixed Rate Mortgages, Adjustable Rate Mortgages, Jumbo Mortgage, and more.