Does all that snow & cold weather have you thinking about walking on the beach, sitting underneath palm trees, or boating in blue waters while drinking an exotic drink? With home prices & mortgage rates lower than they have been for a long time, this might be the time to buy a second or vacation home.        

Boat, pelicans & the Pier, St Petersburg, Florida

 Here are a few things to keep in mind when considering purchasing a second or vacation home. Of course, there may be other considerations based on your needs.     

• Wants & needs for your second home including the number of bedrooms, bathrooms, garage, pool, on or near the beach, separate dining room, formal, informal, pets, etc.
• Single family home, townhome or condo. ( Condos and townhouses usually have no exterior repair or maintenance for the homeowner. But you are subject to homeowners’ association fees and rules.)
  

  St Petersburg, Florida from the water

   

   

• Place for retirement?  For income? Or income until permanent residency?
• Within driving distance of current home or in a completely different area & climate from your primary home?
• Trip frequency to the vacation home?
• Want to change your lifestyle? Or keep it the same as now? Or more luxurious? Or more low-key?
• Convenient to shopping centers, nightlife, entertainment and other activities?
• Don’t forget there will be maintenance costs, property taxes, and insurance costs involved
• Paying cash? Or need financing?
  

  St Pete Beach, Florida

   

If you are paying cash, you will need proof of funds from your bank. If you need to obtain a loan, remember lending requirements are stricter for mortgages on second homes. Interest rates are also usually higher than on a primary home loan. Lenders generally require your debt-to-income ratio to be 33 percent or less to qualify you for a loan. Also many lenders require at least 20 percent down on a second home.    

A local Realtor who has experience working with second-home buyers can be an excellent resource for you. They can recommend neighborhoods, title companies, appraisers, home inspectors, and homeowner’s insurance agents. Realtors can also send you information online about the properties in your desired areas before you leave the comfort of your current home. Usually, the listings will have photos & virtual tours for you to view.    

With this information you should be able to get started on finding your second or vacation home. Please feel free to email me, if you would like to find your home in central Florida. In the meantime, I think I will go for a stroll on the beach.     

Walking on the beach, St Pete Beach, Florida