- do you know where you want to buy? - do you have funds to buy? - are you qualified to buy? - do you want turn key? Or are you ok with value add?
If the first 3 are set, you’re on a good path.
I think turnkey prices in most vacation markets are likely to fall through early next year, but nothing is guaranteed. I think value add houses will be much more competitively priced, but you’ll need to jump on a good deal if you see it. A lot of value add vacation homes come on the market after life events, so the cadence is often unpredictable. Investors will snatch these up in key markets, but if you’re ready to pull the trigger on the right property, you may be able to snag one. Just know that you may be up against all cash offers, so you may have less leverage for price negotiation.
Great questions. For #1, we’re looking at a few locations depending on scenario - e.g., single family fixer upper home in the woods about an hour from skiing for ~$300k that we’d purchase alone, or ~$600k turnkey condo more centrally located to ski resorts that we’d purchase with another couple. Eventually, (10-15 year horizon) we may do both.
We do have the funds, we haven’t prequalified but have credit scores above 800 with a fantastic DTI ratio.
I grew up with cozy cabins in Northern Michigan, so I’m trying to get my husband on the single family fixer upper to make ours over time and have to build family memories. Initially he thought it was frivolous, but now I think he sees the value - a cabin doesn’t have to be nice, and if we buy one that needs work we can afford to get in now vs waiting. We could certainly go higher price, but we’re frugal and risk averse - like having lower fixed costs each month.
Great reminder on being ready to pull trigger - it’s why I’m trying to research, align on wants/needs/dealbreakers now, and then sit back and continue to save while keeping an eye out for gems so we can move quickly.
I have got an email for Mindtree for uploading documents. In mentions ti clock on the login button but the but is not clickable. Have anyone faced such issue before? How I can deal with it ? Mindtree
Coach
I bought 45 days ago
Coach
5.25% in michigan
Subject Expert
- do you know where you want to buy?
- do you have funds to buy?
- are you qualified to buy?
- do you want turn key? Or are you ok with value add?
If the first 3 are set, you’re on a good path.
I think turnkey prices in most vacation markets are likely to fall through early next year, but nothing is guaranteed. I think value add houses will be much more competitively priced, but you’ll need to jump on a good deal if you see it. A lot of value add vacation homes come on the market after life events, so the cadence is often unpredictable. Investors will snatch these up in key markets, but if you’re ready to pull the trigger on the right property, you may be able to snag one. Just know that you may be up against all cash offers, so you may have less leverage for price negotiation.
Great questions. For #1, we’re looking at a few locations depending on scenario - e.g., single family fixer upper home in the woods about an hour from skiing for ~$300k that we’d purchase alone, or ~$600k turnkey condo more centrally located to ski resorts that we’d purchase with another couple. Eventually, (10-15 year horizon) we may do both.
We do have the funds, we haven’t prequalified but have credit scores above 800 with a fantastic DTI ratio.
I grew up with cozy cabins in Northern Michigan, so I’m trying to get my husband on the single family fixer upper to make ours over time and have to build family memories. Initially he thought it was frivolous, but now I think he sees the value - a cabin doesn’t have to be nice, and if we buy one that needs work we can afford to get in now vs waiting. We could certainly go higher price, but we’re frugal and risk averse - like having lower fixed costs each month.
Great reminder on being ready to pull trigger - it’s why I’m trying to research, align on wants/needs/dealbreakers now, and then sit back and continue to save while keeping an eye out for gems so we can move quickly.