3 Things You Should Know Before Buying a Vacation Home

Are you looking at purchasing a second home? Maybe you want a place closer to family, or maybe you want a house on the opposite side of the country. No matter what you want, you need to consider a few things before putting a down payment on a new home. Check out these 3 things that you should consider before buying a vacation home.

Create a budget

A budget is much more than just a monthly payment. You need to sit down and give some thought to all of the possible expenses you may incur when purchasing a vacation home. This may include insurance, utilities, taxes, furniture, traveling expenses, or items such as boats, water gear, snowmobiles, etc. 

Pick a location and home that fits your lifestyle

Are you a beach lover or mountain enthusiast? Do you want to stay in the country, or find a place far, far away from home? Do you want a place in the city with nightlife, or do you like the peace and quiet of a small town? Maybe you already live in the city and want the total opposite lifestyle for a vacation home. Consider your options and find a location that not only do you love, but you fit in with. Is the city you’re moving to too expensive? Are there nearby stores and hospitals? Research your desired location and make sure it’s where you want to be. 

Decide if you will rent it out or not

It’s common to rent out a vacation home while you’re away to get a few extra bucks. However, some implications may come up if you plan on renting your home out. You should talk to a mortgage specialist about this if you are financing your property instead of paying cash. You should also check the community and state guidelines to ensure there are no restrictions on renting out your property. 

If you’re looking at buying a vacation home in Wisconsin, then GSF Mortgage Corporation is YOUR direct lender! We offer loan programs that many banks don’t. Even if you’re in a challenging financial situation, GSF Mortgage can help you! Get a quick quote today by calling (920) 788-9608!