Buying a Vacation Home Before a Primary Home
Forgo A First Home For A Vacation Home
More and more, millennials are forgoing a primary home and heading straight for a vacation home. Living in an expensive city where it makes more sense to rent an apartment than purchase a house is a common trend we are seeing more of. If you love living in the city, but want a getaway home for the weekends or vacations, or can’t afford to purchase a home there, we’ve complied a brief overview to see if purchasing a home for sale in Disney is the right choice for you.
Understand The Costs Of Owning A Vacation Home
There are a few costs that are associated with owning a vacation home that you might not be aware of if you’re renting an apartment. You’ll need to cover a down payment, closing costs, and reserves. You’ll also need to pay for gas, electric, cable, internet, furniture, housewares, and travel costs to get to and from your home for sale near Disney. This costs will have to be added to the monthly costs you already pay at your apartment.
Rent Your Property
If you’re keeping an apartment in addition to a vacation home, it’s almost necessary to rent it out when you’re not there. Renting out the home is a great way to cover the mortgage, and make owning a vacation home profitable. Owning a vacation home in a popular area like Orlando will ensure that renters will flock to you. You will be able to enjoy your apartment during the majority of the year, have a getaway spot, and make money in the process.
If You Can’t Rent, Can You Work From Your Vacation Home?
If renting isn’t for you, do you have option to work from your vacation home? If so, turning one of the rooms into a home office may work to your advantage when it comes to writing off work expenses. Whether or not your vacation home is your primary address, you need to either make money off it, or make money in it.
Figure Out The Financing
Renters that are buying a vacation home as a first home, will have an easier time getting financing assistance because they don’t own a house already and don’t have a mortgage. This is important, because getting financing for a second home can sometimes be a little harder and the bank won’t see this as a vacation or “second” home purchase.
To schedule a consultation with the Luxury Orlando Real Estate team, please call us today at 407-705-7635 or submit our contact request form.