Here’s one fact of the real estate market you can be pretty certain of. Ten years from now, prices will be far higher than they are today.
That’s particularly true of homes with spectacular views. But whether you are looking for a small cottage in the mountains or a house on the beach, you are buying a lifestyle.
That situation has put people in their 40s, 50s and 60s into the market. While sales of primary residences fell last year, vacation home sales rose nearly 5%, stated by the National Association of Realtors. 44 years old is the age of a typical buyer of a vacation or retirement home. There’s no question that second homes come with expenses, so you have to ask yourself if you can afford one. Don’t rush into buying. If money is tight, however, you could consider buying now and collecting years of rent to offset your costs. For the first time in years, higher rents mean they will cover the costs of mortgage, taxes, insurance, and maintenance.
The benefits of a vacation/retirement home are many. The transition from work to retirement is eased because over time you have met people and become part of the community.
And in today’s market, many sellers are eager to sell so there are great ways to make a deal.
If you would like more information about mortgages Click here to order a free informational DVD and personal analysis.
Ryan Kohl
Direct 480-229-7029
Fax 480-656-8348
Express Capital Mortgage Inc.
1820 E. Ray Road
Chandler, AZ 85225
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Comment by kumartaylor — August 26, 2008 @ 11:39 am