If you’re considering buying a vacation home, congratulations! Especially if you’re considering our cottages or estate homes at Green Key Village in the beautiful state of Florida. With distinctive floor plans to choose from, customization options, and a prime location, it’s the perfect place to buy your ideal vacation home.
As one of the premier home builders in Central Florida, we pride ourselves on creating beautiful homes in a community that enriches the lives of our homeowners. With our years of experience, we’d like to share a few things to consider before buying a second home.
How To Prepare To Buy A Vacation Home
Searching for a place to unwind and reconnect with loved ones? Or maybe you’re looking for a respite from cold winters up north. It might be time to buy a vacation home. But there are some things to consider before you commit to buying.
THE BENEFITS
1 | PERSONALIZED RETREAT. A vacation home provides a sanctuary that’s all yours when you need a break. Unlike hotels or rentals, you can customize your second home to your taste, fill it with your favorite stuff, and have everything exactly how you like it.
2 | FLEXIBILITY. With your own vacation home, you don’t need to worry about getting hotel reservations during peak season or trying to find last-minute accommodations. You’ll always have a place, allowing you to be spontaneous and take advantage of unexpected getaway opportunities. Plus, a second home may eventually become your primary residence.
3 | FAMILIARITY. Having your own vacation house has the benefit of being a home away from home. A place for family functions, holiday gatherings, and special memories. Being in a familiar place can significantly relieve your stress, too. You can equip it with your favorite amenities so you can relax the moment you arrive.
4 | SMART INVESTMENT. Whether you keep a second home for personal use or as a rental property, it may increase equity and value appreciation. Adding real estate to your portfolio is a great way to hedge against the ebb and flow of other investments. Plus, you can deduct mortgage interest. Other tax benefits may include deducting property taxes and interest paid on home equity loans.
THE CHALLENGES
1 | RESEARCHING THE AREA. Location is a really important factor to consider for your second home. Research the neighborhood’s atmosphere. Learn what’s in the area. Think about what you and your visitors may need. (Cell phone connection, WiFi, and easy access to shops and other conveniences.) Take note of what traffic is like at different times of the day/week. (For example, if you visit on the weekend, will you be sitting in traffic for hours?)
2 | PROPERTY MANAGEMENT. You might be able to manage your vacation house if you live close by, but what if you don’t? Think about what goes into owning and managing a second home while it’s vacant. In addition to making sure it’s secure from damage or theft, it includes maintaining the home itself during harsh weather. Is there an HOA or do you need to hire a management company?
3 | FINANCIAL RESPONSIBILITY. Taking care of multiple homes is a big responsibility. In addition to sudden repairs, there are multiples of everyday expenses such as the mortgage, utilities, and maintenance. There are also travel costs to get there. Before taking on the additional responsibility, consider your personal financial situation: retirement savings, emergency savings, credit card debt, current mortgage payments, college fund savings.
4 | GETTING FINANCING. Buying a second home will require a down payment and a mortgage unless you pay with cash. Purchases of a second home are a higher risk for mortgage lenders because there’s a greater chance of default in the event of hardship, so a higher down payment may be required. The same applies to mortgage interest rates. To hedge against potential losses in the event of a default, there’s almost always a higher interest rate on a second home mortgage. To determine the terms of your loan, your lender will take a look at your credit score and history, current housing market conditions, and your debt-to-income ratio (DTI). Lenders typically offer different rates and may have different qualification requirements for second homes than they do for investment properties.
The Best New Homes for Snowbirds in Florida!
At Green Key Village, we design every home purposefully, knowing that it will be a sanctuary. Plenty of space, inside and out. Private nooks and wide storybook porches. Peace and quiet away from the world. We can turn your vision of a vacation home into a wide-open, light-filled reality. Hey snowbirds… it’s time to make the move to Green Key Village!
Green Key Villages knows your home is more than a roof and siding. It’s the place you feel comfortable. That’s why we make it a priority to build energy-efficient homes that are not only healthy for the environment but also healthy for you. Our high-quality homes include superior construction, finishes and details.
Our quick move-in homes give you all of those benefits and more. If you’ve ever built a home from scratch before, you know that it can take several months of construction before it’s ready for you to move into. When life happens and you’re not able to wait but don’t want to forego the quality of a new construction home, quick move-in homes are a great solution.
Green Key Village has everything you need to pursue a healthy lifestyle. Community amenities include a custom-designed, wade-in entry pool, along with basketball and pickleball courts. Enjoy quiet moments in the shade of a solar-covered pavilion or under the sail shades at Veranda Park. Even your pets can experience healthy living at our community Bark Park. Living well includes eating well, too. Those of you with green thumbs will love the organic community garden.
Connect with Green Key Village Today!
As trusted luxury home builders in Florida, Green Key Village is happy to provide you with advice about purchasing a vacation home. We’re experienced in helping snowbirds in Florida and encourage you to browse our homes for quick delivery or to-be-built options. Ready to buy a second home? Contact us today to learn more.