Although the housing markets are beginning to level off, there are still a number of deals available for those looking for a smart investment. Many people have weathered the recent economic down turn quite well and now may be in the market for a vacation home. Woodstock, NY is a fantastic place to purchase a vacation home for several reasons. It’s proximity to New York City makes it an easy weekend or summer get-away. There are plenty of events and outdoor activities during any season of the year–from skiing in the winter to hiking or fishing during the spring, summer or fall. Additionally, the tremendous views are second to none and the fall foliage cannot be missed.
Vacation homes in Woodstock make great investments while allowing one the chance to get away from the hustle and bustle of daily life. The purchase of a vacation home can be one of the smartest investments a person can make although there are some special considerations that should be kept in mind when looking for properties such as these. One should remember that vacation homes are considered a second home by lenders and therefore, interest rates are higher. Also, vacation homes are often utilized as a rental during some portion of the year and subsequently might require more upkeep than normal homes.
When purchasing a vacation home, one should keep in mind that there are different requirements for these homes than for the primary residence. For instance, many banks require that potential homeowners place at least 20% down for vacation homes. Vacation home buyers can expect higher interest rates, higher qualifying standards and potentially higher homeowners insurance, even with excellent credit and ample assets.
Many people use their vacation homes to gain some yearly residual income. By renting out a second home, many people can recover up to 75% of the annual mortgage on the home. However, one should also recognize that when other people utilize the property for vacation, it might require more repair than usual. Visitors often treat the house with respect, but the reality is that the house will be exposed to a heavy amount of traffic. Plumbing will also be put to the test as many people use dishwashers, washing machines, and showers more than normal while on vacation. When looking at potential vacation properties, potential home owners should expect added expenses.
In conclusion, vacation homes can be a great way to invest or a means to just enjoy time away. However, rental repairs, maintenance and financial considerations should be taken under consideration by any potential vacation homeowner as they consider purchasing a vacation home. By keeping these few considerations in mind, one can enjoy a vacation home while maintaining financial comfort as well.
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