Buying A Second Vacation Home: The Time To Buy Is Now

As the economy slows and home prices continue to show a decline, the best vacation real estate markets are seeing a lot of people purchasing second homes. The best vacation home markets all over the nation have drastically declined since the real estate bubble burst.

Contact a Realtor and speak to them about market trends. It's a good idea to get to know what type of homes are selling in the area, what locations are hot, and the amount of foreclosures and short sales compared to regular home listings are in the neighborhood.

Location Should Be A Deciding Factor

Location is the most important variable for a homes value, and you should consider location as an important factor. During your research stage, try to find properties with desirable amenities such as animal rights, water shares, homes on the beach, or properties with a golf course and country club nearby.

Properties with extra amenities will continue to hold value through the decline and are easier to re-sale if need be. For example, if you find a home with water that is priced the same as a home without, the home with the water will be the best deal.

Where you want to purchase should be your first step, the location is very important. After you have an idea of the area you want to purchase, the next step should be to contact a mortgage professional familiar with the area.

Ask About Different Financing Options

All areas of the country have loan programs that could be different from the area you live. Like here in Utah, we have a loan program called: Utah Housing, and only people that purchase a home in Utah can apply for these loans.

Other areas around the country may have a loan program that could make the deal even sweeter. To find out about special loan programs, contact local lenders, and ask your Realtor to refer you to lenders they know are professional and trustworthy.

If you plan on renting out your second home, make sure the loan programs allow that, and check for special programs with time share's available. Some mortgages will not let you create a time share, or allow you to seek renters while you're not currently using the vacation home so get the facts.

Overall, if you're thinking of finally buying that second home, do your research and be smart with your purchase. Interest rates are incredible, homes are affordable, and were close to the bottom.

For the markets that are still in major declines, be wary, and don't expect to get any appreciation too soon. Investing in a second home should be a long term investment, and in 10-15 years you will be happy with your decision.

Learn more about Logan Utah homes. Stop by Lisa Udy's site where you can find out all about Logan Utah real estate and what it can do for you.