Lowell, MA:

This Condo in Lowell, MA recently sold for $332,000.
This is a Townhouse style home and features 6 total rooms, 2 full baths, 1 half bath, 2 bedrooms, and was sold by
Aline Roy – KELLER WILLIAMS REALTY / Merrimack Valley

Tagged with:
 

Buying a vacation home is something that many dream of, but for some it’s not just a dream. And it’s certainly not something that is only for the rich and the famous. Maybe you have been saving for one your whole life, got a large bonus at work that you want to use as a down payment, or are just going out on a limb; there are several things to consider before taking the plunge and buying a vacation home.

Cost: First and foremost, what kind of financial position are you in? Are you able to put down 20% and if not will you be able to afford the potential higher interest rate that goes along with less money done? If you are planning to buy farther away, can you afford the airfare cost for as often as you’d like to spend there? Can you afford the inevitable maintenance that will be necessary? You certainly do not have to be a millionaire to purchase a vacation home, but it’s important to know what you can afford and cannot afford.

Location: Do you want to buy a vacation home that is within a couple of hours from your home? Or would you rather buy one a plane ride away that may be in a location that’s warm year round? Or do you want to buy a home in another country? This is certainly something that should be determined before beginning your search.

Condo vs. Single-Family: Do you want the privacy of a single-family home or do you want the amenities that come along with living in a condo? There is a level of privacy that comes with owning a single-family home versus a condo, as well as there are condo fees to consider. This decision may not matter much to you, but it’s important that everyone involved agrees on the type of home they would like to buy.

Rent It: Do you plan on renting out your vacation home when you are not there? Are you looking at homes in locations where renting is possible? Can you afford the home if you do not rent it out? If you can’t afford the home without renting, how often do you need to rent to be able to afford it? Do you want the hassle of renting it? It’s important to consider this possibility even before you begin your house hunt.

Buying a vacation home is extremely exciting, but it’s a large investment. It should be well thought out and planned out. But, once you have those details worked out— go out and buy the vacation home of your dreams!

What is PMI?

On November 13, 2016 By

Lemons And Good Fortune

On November 6, 2016 By

3 Ways to Get Rid of an Old TV

On October 30, 2016 By
Set your Twitter account name in your settings to use the TwitterBar Section.