If you’ve found a property that you consider to be a dream vacation home, we’re here to help you navigate through the process of purchasing it. A vacation home can be more than a fun investment; it can be a lucrative one as well. If you decide to rent this home during the times that you’re not there, it can function as a stable and significant monthly source of income. Vacation home properties are often in desirable locations, and can greatly appreciate in value over time, which can serve as a solid long-term investment.
If you find yourself wondering whether or not you can afford to purchase a vacation home, a good metric to examine would be your debt-to-income ratio. Ideally, you want all of your monthly debt payments to amount to less than 45% of your monthly income. If the addition of the monthly payments on a potential vacation home still keeps you under this threshold, it seems likely that you can afford to make this investment. We are happy to discuss details with you to support you in making the right decision.