Visitors coming to Fort Lauderdale often fall head over heels for the beautiful beaches, weather and culture of the city. Although it may not be feasible for everyone to take the leap to living in sunny Fort Lauderdale full time, owning a vacation home could be an excellent way to invest in real estate, as well as have a home you love to visit and even create a second source of income by renting the home when you are not there.
It is a great idea to speak with a mortgage planner here in our Fairway Fort Lauderdale office about what you should think about when purchasing a vacation home. Here are some of the factors you may need to take into consideration:
- Are you financially ready purchase a vacation home?
- Does the HOA allow property rentals while you are not there?
- What do you expect from the rental income?
- Have you calculated property costs such as upkeep, utilities and taxes?
- Have you determined what company you would use for maintenance and cleaning?
- Have you researched security systems?
- Do you know how long it will take to see ROI on your rentals?
- Will you be using the home yourself?
- Will the home need any upgrades once purchased?
Do not let any of these questions discourage you from purchasing a vacation home, but think about them as you begin the process. Our team at Fairway Fort Lauderdale is here to help you whenever you are ready. We will work through the best lending option for your financial situation. Call us today!
