Shop your loan. A small interest rate savings can result in a significant savings. An example: You’re buying a $500,000 vacation home. A 1/4% savings on your $400K mortgage loan’s interest rate can save over $20,000 over the term of a 30 year loan.
Buy a vacation home that most perfectly matches your personal needs – one that will generate maximum income (if you short term rent it) and bring you maximum dollars when you resell it.
Do your own searches for your new vacation home looking for the best home at the best deal. Also, engage a realtor to assist with your search, which will enhance your chances of finding the perfectvacation home for you at the best price.
Offer a lower price than the listing price and be prepared to justify it. Remember your lender will require an appraisal, and the appraisal will be based on comparable current sales. Don’t pay more than the current market unless a home has unique qualities that warrant a higher price.
Ask the seller to pay for your closing costs in your negotiation. It will save you thousands of dollars in cash.
Hire a home inspector to inspect the vacation home you are buying. If there are any defects requiring repairs or replacement, they will be revealed. Don’t hesitate to ask a the seller to pay the cost to repair or to replace them.
Shop for yourhomeowner’s insurance for your new vacation home. Don’t just accept the insurance policy that your lender or the title company chooses. You may be able to find a better or comparable policy with a lower premium.
Use The Pro Agent Group throughout the purchasing process of your vacation home. They will help you with all of the money saving tips listed above, and their services are FREE for you. Their fees will be paid in the commission on the vacation home sale, which will be paid by the seller.