Purchasing a second home as the market improves
By Academy Mortgage Corp.
Improving economic conditions and a stronger housing market may encourage some individuals to invest in a second home. Especially as the temperature warms up and summer closes in, some people might want to take out a second mortgage for another home, perhaps near a waterfront.
Some vacation homes may serve as investment opportunities for buyers. The long-term value of vacation real estate can increase substantially - particularly when the property is located in a highly desirable location.
Purchasing a home while rates are still near historical lows can turn into a beneficial investment for some buyers who can afford a second home. And if an individual is not interested in selling a home for a profit, he or she can still enjoy the benefits of a place to vacation as the weather warms up.
A qualified real estate agent can help guide an interested buyer through the process. To properly scout the market, an interested buyer should enlist the help of a qualified real estate agent familiar with the demand for housing in the area, according to Bankrate. This can help an individual make a more educated decision when it comes to purchasing a second home.
Invest in the top vacation homes. Finding the perfect vacation home requires an understanding of the top spots in the country. According to Zillow, an online real estate company, some of the best areas to invest in a second home include:
- Downe Township, New Jersey
- Astor, Florida
- Oak Hill, Florida
- Englewood, Florida
- Crisfield, Maryland
These regions offer a beach nearby and plenty of room for real estate growth.
Academy Mortgage is one of the top independent purchase lenders in the country as ranked in the 2014 CoreLogic Marketrac Report. Visit www.academymortgage.com to find a loan, get a rate, or calculate your payment today.