Are you planning on buying a vacation home? If so, you should factor in a few things before signing the deed to your new place.
Your Favorite Hot Spots
Have you travelled a lot? If so, do you know exactly where you want to buy a place? Make sure you have been to a lot of places before making your big purchase. You may find that you travel somewhere else and you’ll like it more than the place you bought before.
Make Sure You Can Afford It
Experts say you shouldn’t spend more than 30% of your take home monthly pay on mortgages. If both of your mortgages exceed this, stay away from this at all means! If you’re going into it for an investment opportunity, we highly suggest staying away as well.
What Do You Want?
Just like when you purchased your first home, you had to decide what you want wanted. Do you want a condo, house, cabin, etc? Treat this as if it’s a place you’ll be at for a long time, not just a vacation getaway.
Talk With Realtors
Interview a few realtors and ask them what they think of the area. You will usually get a honest answers. Also look at how the pricing has gone up and down in the past few years. Just like your home now, if you sell in the long run, you’ll want to make a profit!
Be sure to read our other article on gotalkmoney if a vacation home is really worth the hassle.
- 6 Month CD 1.08 %
- 1-year CD 1.33 %
- 2-year CD 1.74 %
- Money Market Account 1.04 %
- Savings Account 1.04 %
- 30-year Fixed Mortgage 9.96 %
Bank rates provided by MoneyRates.com based on average rates for deposits under $10K and conforming mortgage rates
-
If you know of any bank deal that we haven't featured on our blog yet, we would love to hear from you. Whether you work with the bank or you found a deal in the newspaper, simply click on the submit a bank deal on the right hand side and help us all out!
-
If you know of any bank deal that we haven't featured on our blog yet, we would love to hear from you.
-
Confused on what you should invest in? Let the GoTalkMoney.com community help you when it comes to investing into a CD. If you already know what you're going to invest in, please vote on the poll on the right. If you want to see the results and you don't know what to vote, simply hit "I'm Not Sure" to see the results.
- March 2010
- February 2010
- January 2010
- December 2009
- November 2009
- October 2009
- September 2009
- August 2009
- July 2009
- June 2009
- May 2009
- March 2009
- February 2009
- January 2009
- December 2008
- November 2008
- October 2008
- September 2008
- August 2008
- July 2008
- June 2008
- May 2008
- April 2008
- March 2008
- February 2008
- January 2008
- December 2007
- November 2007
- October 2007
