Thinking About A Vacation Home?

August 6, 2019 | Posted by: Holly Cochrane

Have you been thinking about taking the leap to buy a vacation property??
Holly Cochrane from the Holly Cochrane Mortgage Teams weighs up the pros and cons to help you make this big financial decision:

PROS

GREAT INVESTMENT
Real estate has historically risen in value, especially in areas with limited availability.

  • RENTAL INCOME
    Holly says, “If you choose to rent, you can benefit from additional income.”
  • RETIREMENT TEST DRIVE
    Experience the benefits of retirement ahead of time and see if the reality lives up to the dream.
  • CONVENIENCE
    Your vacation property allows you to take holidays at the drop of a hat, without the hassle of that extra baggage.

 

CONS

UPFRONT FEES
A vacation home will likely cost more than renting. You also have to furnish and decorate the home.

  • MORTGAGE COSTS
    Down payments are often greater (30-35%) as are the interest rates.
  • UPKEEP EXPENSES
    Holly advises that sometimes that maintenance and upkeep of a vacation home can be costly. “Just as you do with your own home, you will have these added expenses.”
  • JUSTIFICATION
    S
    ince you have made the investment you will be obliged to visit it. Make sure you’ll love it as much as you do right now.

There are many exceptional advantages to owning a vacation property, but are you ready for the commitment? Contact the Holly Cochrane Mortgage Team on 780-485-7908 to discuss your options and to understand if this is the right move for you.

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