Who hasn't dreamt about buying a nice vacation house on a deserted island or somewhere in the mountains? Well, if you need to be more realistic in terms of budgeting, you might be contemplating buying a nice cottage or country house.
Nonetheless, you can consider yourself a lucky person if you plan on buying one real soon. There are many Americans who cannot even afford to make down payments for their first home.
You need to be really down-to-earth and as practical as you can. Think wisely of the exact budget you can afford to spend on a vacation house and don't exceed your limits.
Be fully aware of what the purchase of a new house means. You will have to make a down payment, pay monthly mortgage rates or maybe the purchase price, buy new furniture and utilities, and maybe even make some important upgrades.
All these mean big expenses, so you should take every one of them into consideration. Think as practical as you can. You want the house, but do you really need it?
Think if you wouldn't be more okay with a timeshare ownership instead of an outright ownership. This is especially true if you are planning on staying there for no more than two or three weeks a year.
Things such as who is going to watch the house and clean it while you are gone should also be your concerns, because they also mean more expenses. Also, if you plan on buying a house where you can live after retiring, make sure you'll have the same interests then as you do now.
After all, maybe you won't be too fond of living near a lake in ten years. All in all, you need to establish a very exact budget if you are thinking of making such an important purchase as a vacation home, and think very wisely if you really need it.
Nonetheless, you can consider yourself a lucky person if you plan on buying one real soon. There are many Americans who cannot even afford to make down payments for their first home.
You need to be really down-to-earth and as practical as you can. Think wisely of the exact budget you can afford to spend on a vacation house and don't exceed your limits.
Be fully aware of what the purchase of a new house means. You will have to make a down payment, pay monthly mortgage rates or maybe the purchase price, buy new furniture and utilities, and maybe even make some important upgrades.
All these mean big expenses, so you should take every one of them into consideration. Think as practical as you can. You want the house, but do you really need it?
Think if you wouldn't be more okay with a timeshare ownership instead of an outright ownership. This is especially true if you are planning on staying there for no more than two or three weeks a year.
Things such as who is going to watch the house and clean it while you are gone should also be your concerns, because they also mean more expenses. Also, if you plan on buying a house where you can live after retiring, make sure you'll have the same interests then as you do now.
After all, maybe you won't be too fond of living near a lake in ten years. All in all, you need to establish a very exact budget if you are thinking of making such an important purchase as a vacation home, and think very wisely if you really need it.
Steven Murphy has been writing articles about budgeting for the past four years. He also likes to write about New York real estate subjects, such as pertinent information regarding Chelsea apartments and Union Square apartments
.
Steven Murphy
.
Steven Murphy
No comments:
Post a Comment