We are in interesting economic times. You can’t turn on a national news network without hearing the talking heads go on about the economic downturn, soaring national debt and the unemployment rate. But the news is not all bad!
The housing market crash has caused real estate prices and mortgage rates to be at an all time low! Now is truly the time to look into purchasing a vacation home. There are plenty of beautiful vacation condos in the Orlando area selling for only $50 thousand. Luxury homes in gated resort communities have for sale signs in their lawns and price tags as low as $100 thousand.
The obvious reason to purchase a vacation home is to have a beautiful location to kick back and relax. But there’s actually more to the picture than this. Prices are so low for Florida vacation homes that anyone buying today is going to quickly watch their new home appreciate in value. Investing in stocks and mutual funds is great, but you can’t spend a weekend in your mutual fund playing golf under the sun and visiting some of the best theme parks in the world. It takes an Orlando vacation home to do that.
So you’re interested in purchasing a vacation property. There are a few steps you should take in preparation of your purchase to make things go as smoothly as possible. Firstly you should keep an eye on your credit and begin saving for a down payment. Having a high credit score will allow you to get a lower interest rate on your mortgage, which could mean saving thousands in the long run. Down payments on vacation properties usually run around 20% of the property’s sale price, so it is important to begin saving early.
Whether you’re looking for a small vacation condo or a million dollar vacation home, now is the time to buy. I recently saw a home that sold for $1 million a few years ago go on the market for $400 thousand. The fact that deals like this are out there is simply astounding. Keep your eyes locked on Orlando real estate and don’t let that vacation home slip by you!