Orlando is one of the top vacation destinations in the world , attracting over 67 million visitors a year. You have probably experienced all Orlando and Central Florida have to offer yourself and are wondering how you can keep the fun going. Vacation homes are a great way to keep the magic and memories of dream vacations alive while taking ownership. There are may ways to use a vacation home:
You can buy for as little as 3 percent down (if your loan doesn’t exceed $417,000), mortgage rates are the lowest they can be, and you get significant homeowner tax benefits.
You can use your second home any time you want, but lenders won’t let you rent the home. Buy for as little as 20 percent down, and qualify for the loan using your full primary residence cost plus your full second home cost. Mortgage rates and tax benefits are the same as primary residences.
You can rent the home, plus use it when it’s not rented. Rates are .25 percent to .375 percent higher than second home rates, and your down payment usually starts at 30 percent. You qualify for the loan using your full primary residence cost plus your full investment home cost, but you can use rental income to help qualify. Tax treatment is less beneficial, but the extra income can help with affordability. Once you have purchased your vacation home rental property, our partner vacation home management company will rent and manage the home while you are away. This will give you the piece of mind knowing your investment is earning you money and being taken care of, awaiting your return.
No matter how you will use your vacation home, Chase Team Realty has the expertise to find your dream vacation home.