Extra income- If your vacation home is in a high-demand area, you may be able to rent it out throughout the year to earn additional income when you are not occupying it.
Potential increase in asset value– A vacation home is a smart long-term investment which may offer you financial gains in the future if it increases in value.
Things to consider when purchasing a vacation home
- Do you have enough cash flow every month to take on a second mortgage?
- Do you have any extra expenses that may need to be covered in addition to your monthly mortgage payments on the property? Examples: Homeowners’ association dues, utilities, insurance, etc.
- Make sure all costs are considered when calculating how much you will need to make the purchase, including closing costs, renovations, repairs and new furniture costs.
We have several mortgage options to help you finance your dream vacation home. For more information, contact a PERL mortgage advisor at one of our locations or call toll free 1-888-202-7490.