We’ve all had Martha Stewart envy.
A Hamptons vacation home landscaped with a garden of organic produce, fresh herbs to pepper our from-scratch meals with and a backyard big enough to host an elegant, yet intimate wedding reception. Heck, you’ve paid a mint for the same New York vacation rental for years–why not get in on the game now?
Mortgage rates are at all-time lows. Prices are plummeting. If you wait for them to sink further, will you be missing out on the pastoral paradise?
Second-home ownership–or any home ownership–is not to be taken lightly. Heed the advice of a realtor who knows the market, and determine what style of vacation home suits your lifestyle, whether it’s a condo, cottage or mansion. Take factors like location, amenities and upkeep into account. Think about hidden costs. Can you afford to maintain the property yourself or hire a management company to deal with tenant issues?
While that $8,000 first-time homebuyer tax credit doesn’t apply to purchasers who won’t be using the property as their primary residence, by all accounts, now is a good time to strike the MLS.
Landlords: Any more advice for consumers who seek to purchase a vacation home?