A vacation home is a place where you spend appreciable amount of time away from your primary home. Generally people do not rent out these homes and they used by family, friends and relatives for the sake of recreational activities. Recently, there has been noticed an increase in the number of people who are renting out these home to fickle stock market. Your home is probably your largest asset and buying a second home will not only become an addition in your current assets but it will also help in building up the net worth as the property will increase in value.

Additionally there are many benefits of buying a second home. You can enjoy same tax benefits on your vacation home as on your primary home. You can enjoy your spare time away from your home in a new environment. Having a mortgage enables you to build equity with very little money down, instead of using cash for investments, such as in the stock market. Many people buy a second home with the intention that they will move in this home after the retirement. Therefore, your second home could be that special place where you can enjoy your free time. This can be one of the most secure investments you make, with a return on investment that typically exceeds the stock market.

Your ideas and creativity can turn your home into a valuable property that can be sold for a premium. Using the equity in your home to expand your real estate holdings can be a financially wise move. Plus the growing equity in your second home can fund your other wealth-building strategies. It is a major accomplishment to be able to afford the luxury of owning two properties, not to mention the hours of fun and happy memories that will accompany your vacation home.

Whether you’re all set to buy or just trying to figure out what you can afford, Avon Financial can help. Whatever your financial profile, custom solutions from your vacation property our specialist can help you capitalize on purchase opportunities through faster approvals, higher LTV ratios, and streamlined processing.

 

Contact us: info@avonfinancial.com
Ph: 905-216-5563

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