Tuesday, June 20, 2006

Second Homes - thinking out of the box

Many buyers think a second home is out of their reach. But sometimes all it takes is thinking out of the box. Consider these possibilities:

1. Buy land. Purchase the land first with the plan to build on it further down the road.

2. Go for 'access'. Buying a property with waterfront access instead of waterfront can be more affordable.

3. Consider having neighbors. Condos can offer the amenties location you are looking for without the price of a single family.

4. Don't go for the address. Look into communities other than the 'hot' addresses with the 'hot' price tags.

5. Make 2nd first. Consider making your second home your first and renting something modest close to the office.
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1 Comments:

At 10:53 AM, Blogger va beyatch said...

Haha you are leading the cows into the slaughterhouse with your bad advice on this blog.

A> The cost of carrying a vacation home is generally way more expensive over spending a few nights in hotels.

B> With a vacation home, your generally stuck into going to the same place over and over. This might be ideal if you have family in the region and visit _ALOT_, or perhaps have multiple locations of your business.

C> Right now, your most likely seeing people take out equity from a primary residence to purchase a second residence. Their line of thinking is that the appreciation of real estate in the past few years has been so high that they cannot loose. They will sell and profit large!

Except... there is a glut of real estate. Interest rates are going up which drives affordability out of line. And there are record numbers of people trying to cash out at once, and no buyers. Real estate is turning really illiquid. This is something the moron investor wannabes didn't think about. Now they will all get stuck with their 2nd and 3rd properties. The rents probably won't cover the crazy purchase price they paid. AND, their ARMs are going to readjust, their teaser rates are going to end, and forclosures are going to skyrocket. Oh yes, according to forclosure.com they already are.

Good riddance to the housing mania!

Hampton Roads salaries are low and not increasing. There is no reason the home prices should either. It's pure, speculative, mania. And now a bunch of people are going to loose their homes, and be renters once again. And with any luck, those of us on the sidelines, will be able to buy a home at a proper price while they sit out of the game with damaged credit.

 

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