Southeast Michigan Real Estate: 2012 Could Be Your Year to Buy a Second Home

If you've ever dreamed of owning Southeast Michigan real estate investment property, a vacation home or buying a home for a family member, this could be the year to check that off your bucket list. With record low interest rates and decreased prices, it is a buyer’s market, particularly in the second-home market.



Before you sign on the dotted line of another mortgage, be it a beach condo in Florida or Southeast Michigan real estate that you plan to rent, be sure to:

• Check your credit. The same rules apply for a getting a mortgage on a second home as on a first. Good credit means better loan terms.

• Save for a down payment. The more money you can put down, the lower you mortgage. If you put 20% down, you can save money by avoiding Private Mortgage Insurance (PMI) requirements

• Check your budget. It may be cheaper to rent that ski villa or palm tree paradise for a month than pay a mortgage year round. Consider what you really want in a second home, and what you are willing to pay for that.

• Check your time. Choose a second home carefully and make sure that you will really use it, or can rent it when you are not using it. There is no sense paying for a second home that remains shuttered and locked.

Once you consider the basics of your situation, you can begin looking for a second home with the confidence that you can afford the time and expense it requires. Your second home could be just around the next corner or the next palm tree.

If buying a Southeast Michigan real estate for a second home is on your bucket list, give me a call today at 248-514-2640 or email me at info@NorthWoodwardHomes.com.