Getting a Second Home

By … Steve Morgan

The majority of people heading towards retirement prefer to buy a second home in calm and serene places such as Bethany beach, Rehoboth Beach, and surrounding areas in Delaware. Financial experts suggest buying a second home 5 to 10 years before you retire. So, you might want to look at your options for investing if you plan on retiring in the next decade or so.

What do you gain?

One of the benefits of buying a second home well before your retirement is its ability to qualify with current income.  If you plan to move into your vacation home once you retire, it can become your primary home and certainly be useful at tax time. Another benefit is that you get to use the property now and build relationships.

If you are planning to buy a second home, use local resources such as an experienced Realtor and Mortgage Lenders.  I, Steve Morgan can help you to qualify for a second home loan even under stringent regulations. They usually suggest you to make a down payment of 20% but most second homes can do little as 10% percent of the price. This changes the monthly payment slightly for the home mortgage payments.

If you feel that investing in a second home is what you need and afford right now, then by all means do. Having a home where you can spend your post-retirement days in peace is a dream for many.

Steve Morgan