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Buying a Vacation Home

Many people have been canceling their plans to travel or changing how they spend their free time since the start of the pandemic. Some have been investing in their own homes and others have been considering getting a second home for vacations. If you have been thinking about buying a vacation home, you’ll want to weigh the pros and cons.

Here are some of the main things to consider before buying a vacation home.

  1. A Second Home Adds Certain Overall Costs

You will have to pay a mortgage for two homes now, and facilities for your second home. Even if you are not there, part of the vacation home’s maintenance is to have utilities running at least to a minimum. There are many costs involved with the purchase of a second home, and you need to take them into account in the long term. A second home in a remote area, for example, may sound like a dream come true, but you need to ensure that you can afford the costs of taking care of two homes, such as repairs, utilities, maintenance, and so on.

  1. You Will Have to Finance a Down Payment

When considering a real estate purchase, you have to think about financing a down payment. Unless you are a cash buyer, you will need to get a mortgage loan for a secondary residence, which can sometimes have higher interest rates.

  1. If You Want to Rent It Out, You Will Have Competition

Your vacation home can become a money-maker if it’s located in a popular destination and you make it rent-friendly for the times when you’re not there. However, you’ll need to consider the rental market. If competition is fierce you might have to invest quite a lot in keeping the place attractive and promoting it on the rental platforms.

  1. Is the Destination One You Like in the Long-Term?

Some people regret buying a vacation home once the novelty factor wears off. If you do get a vacation home, get it somewhere you know you’ll enjoy spending your time every year, or for months at a time.

Go to a Trustworthy Lender

Taking the time to carefully consider purchasing a vacation home and being confident that your vacation home is worth investing in can save you from regret down the line. Most families who buy a vacation home are happy to have their own place to escape to or work remotely from.

Having a second home that you only use for a fraction of the time gives you the possibility to rent it short-term when you are not there, generating more income. If it’s located in a place that is scenic during all seasons of the year, you won’t have slow seasons at all.

CSMC Mortgage

Here at CSMC Mortgage, we have different types of loans that fit various situations and conditions. We work with you to carefully assess your financial situation and get you into a loan that best fits your needs. Contact us today to learn more about financing a second home.

“Faye helped me purchase my first home last year. She was very professional and worked very quickly to help me procure financing. She made herself available around my schedule and took the time to explain my options for financing to help me get the lowest rate possible. Would highly recommend her to anyone looking for someone that is professional, highly knowledgeable, polite, and responsive.”

- James Z.

“Laura Hertz is the best lender I've ever worked with in my 25 years as a Realtor. I never have to worry that she has things handles and she always performs in the best way possible. I also know that she is an advocate for my buyers and not only does she meet their expectations but she exceeds them! She is my lender for life!”

- Paula K.

“Mark, Darci & Co were wonderful to work with! They were responsive, managed a complex buying situation with ease, incredibly communicative and always ensured I was caught up with what was going on and where I was in the process. Heavily recommend!”

- Zach J.

“This review is about Mark and Darci Richardson from CSMC Mortage in Simi Valley. This team is the BEST! For the past 12 years our home was "underwater" due to the "crash" in 2007, and unable to do anything with the mortgage except pay it. These two kept on top of things and finally the house qualified to REFI. We just completed everything and it closed last week... and they saved us over $900 a month!! That's a huge savings for a couple of senior citizens! We are SO happy now and finally can breathe. Thanks to Mark and Darci and CSMC Mortgage for following through, jumping through all the hoops necessary and helping us out! I can't recommend them more... they are the BEST!!!”

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“ My experience is always fantastic & seamless. Mayen Grigorian is a true professional. He’s honest, he goes above and beyond, he’s efficient, always available and knowledgeable. I never have to call for updates he beats me to it and sends updates regarding the loan. Our clients are very happy and we’re very happy! Five star service, I can’t say enough good things about Mayen as a person and a professional. Hands down! He’s The Best!”

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“CSMC is always our go to lender. Denise Bizzy is fabulous. She really went the extra mile trouble shooting solutions to problems our client had. I do not believe another lender would have been able to pull this off. Five stars for the A+ service from Denise Bizzy and CSMC Mortgage!”

- Mark L.

“Darci, Mark and their team of professionals made the purchase for our amazing buyers absolutely seamless. The level of service they provide is second to none! They delivered the best rate and the best terms for the clients. Mark and Darci are very transparent with their fees and have a stellar reputation in the community. I highly recommend Darci and Mark for all your mortgage needs!”

- Gabby G.