New Vacation Home, No Mortgage!
You and your family work hard, the kids are active in school and sports, work never slows down no matter what you have going on. You could be the perfect fit to buy a vacation home. BUT…. Money is tight; of course it is for all of us. Think about somewhere you enjoy to go; Disney, the beach what’s stopping you? The perfect fit would be somewhere you can go with your family and rent when your not there.
- Visit the area
- Know all your cost
- Understand the up keep and who will take care of it when you are not around.
- Know your seasons to rent
- Understand location is rental dream and nightmare
Once you find the area, then find your new home as well. Depending on what you are looking for there are a lot of options, keep in mind buying new will help with up keep of home
When figuring out if you can buy a second home, understand all the cost. If you can budget for a year , you then can understand how much you will need to make off of your vacation home to avoid a mortgage. A simple scenario is:
Expenses for the year are: $31,000
Let say it is possible to rent your home all year around: you would have to rent your home for $600 a week.
Always look at the market to see if the comparable rentals are near your price point. Once your homework is done the next step is to relax in your vacation home for FREE!!