June 25, 2018
Buying a vacation home is something many of us dream of doing…maybe one day…far, far in the future. We really would LOVE to own a vacation home but the truth is, on average, most of us believe it is way out of our reach.
We have somehow gotten this fantasy idea that a second home, a place we would go to for the express purpose of relaxing and having fun, is only for the very rich and famous. NOT SO!
A report from ATTOM Data Solutions ranks the nation’s top 100 cities which shows that as many as 1 in 12 buyers are those seeking a vacation home. This report has taken into consideration conditions such as air quality, summer temperatures, crime, home appreciation and initial purchase price, and discovered there are four states that dominate the vacation home market right now, all of them with median home prices below $275,000.
Crossville Tennessee tops the list this year, with cities in North Carolina, Florida and Maryland sitting in the top 10. In fact, the National Association of Realtors survey reports the top spots for vacation homes are in the South at 47% followed by the West at 25%.
There are ways to make that vacation affordable. Here are a few to think over that might help you turn your dream into a getaway paradise sooner rather than later.
- Purchase using an FHA loan for a lower down payment. The requirement of just 3.5% down means saving for your getaway will take less time.
- Skip the loan altogether and pay cash! Don’t have enough? Instead of time sharing with strangers, consider a group purchase with family!
- Help pay for the purchase by renting during the time you won’t be using the property.
While it may be a little harder and a few concessions may have to be made to make a vacation home work for you, if there’s a destination you really LOVE and building memories of time spent there year after year is one of your dreams, talk to your local marketing specialist about ways you can make a vacation home part of your life!