Investment & Vacation Properties
SMART SOLUTIONS FOR ALL PROPERTY TYPES
Whether it’s purchasing a duplex as a rental property, or finally owning that cabin by the lake, Understand Financing wants to help you achieve your goals. Our experienced mortgage experts know all of the exciting benefits and potential pitfalls of these types of properties, so you can focus on the big picture.
We are on your side. We’re here to handle the details and help you develop a plan to reach your property goals in the most cost-effective way.
WHY INVEST IN PROPERTY
OR VACATION HOMES?
Investing in a vacation home or investment property can be a great way to diversify your portfolio, increase your income through rent or appreciation, and enjoy certain tax advantages.
With the help of our experts, you can explore the option of a second mortgage and find out if it’s right for you.
BUYING A INVESTMENT OR VACATION PROPERTY
The process of buying an investment or vacation property can be intimidating. However, with the help of our experts, you can make sure every step of the way is taken care of.
From pre-qualification to closing the deal, we’ll help you understand all your options and guide you in making the right decision for your future needs.
Pre-approval is key to finding the right investment or vacation property. It helps you understand what you should be looking for and what kind of interest rate you should expect. Plus, it can protect you if interest rates rise while you’re searching for a property. With pre-approval, your realtor will have more defined search parameters, and you can better plan your budget and write offers with conditions like mortgage financing.
Your realtor will handle all the paperwork, from submitting an offer and protecting your interests to specifying the conditions—like a property inspection and financing. Our experts will turn your pre-approval into approval by selecting the right mortgage option and getting all paperwork signed off.
After getting in touch with a real estate lawyer (which we can help you find), they’ll register mortgage charges on the title, request mortgage funds, disburse funds to the seller’s lawyer, and change ownership of the property to you. Sign with your lawyer, handle any closing costs and finalize details—after that, you’re all set!
THINGS TO CONSIDER
LOCATIONS
Location is key when buying a property. Ask yourself: is it close enough for regular vacation visits? Can you rent it out during slow times? Are public transit, schools, and amenities nearby?
THE EXTRAS
Property ownership comes with extra costs: maintenance during the offseason, property management, insurance, etc. Make sure you consider all of these before investing!
TAX IMPLICATIONS
Owning an additional property may incur taxes, especially if used as an income property. Even if you rent out a vacation property for part of the year, that income may be taxable.
SEE HOW A NEW PROPERTY CAN SUPPORT YOUR DREAMS
Take the leap and explore how buying a vacation home or investment property could benefit you!
