It’s long been assumed that a second home – or a vacation home – or a leisure residence was only possible for the fabulously wealthy. The National Association of Realtors® (NAR) reports that vacation home sales in 2015 reached 920,000 and many predict even higher sales in 2016.
The fact is, the economy continues to improve, incomes are rising along with real estate values. Many now regard a second home as a solid – and reasonable – investment for a middle-class family.
Many are now financing these second homes with new loans, either on the new residence or a home that already own. It’s best to shop around: there are many different types of loans and buying strategies that can make that dream vacation home a reality.