Have you been toying with the idea of purchasing a second home? Maybe you have been thinking about retirement or purchasing an investment property to generate income. Perhaps you are considering a vacation home to enjoy with your family on weekends and holidays. At George Mason Mortgage we are pleased to extend several mortgage options for investment property financing.
Here are some important factors to consider:
Check out the market. Research important factors like property tax, local amenities and how others have fared in the local market. Don’t be afraid of considering a home that needs updating or renovations. George Mason Mortgage offers rehabilitation loans that factor the costs of upgrades and renovations into the loan amount.
Can you afford a second home? Factors like distance, taxes, insurance, and maintenance costs can be an unpleasant surprise if you are not prepared to budget for them. Ask yourself important questions like how long you plan to keep the property and what you will do if you run into unexpected maintenance costs. Consult a tax professional about how owning a second home or investment property could impact your taxes. And, be sure to consult an insurance agent for typical Hazard Insurance costs in the area, especially if the property is in a flood plain or you plan to rent your new property.
Get a pre-qualification. The more proactive you are with your information gathering and planning the better equipped you will be for a smooth, hassle-free transition into second home or investment property ownership. Ask your George Mason Mortgage loan officer to pre-qualify you before you start shopping for a property. The benefits of this are two-fold. First, you will know exactly how much house you can afford and/or if financing a fixer-upper could expand your options and perhaps give you a better return on your investment. In addition, owners and real estate agents know that you are a serious buyer who is ready to close a deal.
Contact your George Mason Mortgage loan officer to determine if a second home or investment property is right for you.