Air out your winter-tight home! Tips for Better Air Quality

Tips for Better Air Quality in a Winter-Tight House

Tips for Better Air Quality in a Winter-Tight House

RISMEDIA, Wednesday, December 23, 2015— (TNS)—I just replaced the furnace filter—every six months, as directed by the professional who visits to fine-tune it periodically.

Looking at the accumulated dirt made me glad it was the filter, not my lungs, that looked so sooty, but it made me wonder about indoor air quality.

We have central air-conditioning, so our windows stay closed in the summer. When I do open the windows in the spring and mid-fall, there is a lot of sneezing because of pollen and leaf mold.

Winter is when much of the world locks down, however, and the experts tell me that indoor air quality can suffer as a result.

Space heaters, ranges, ovens, furnaces, fireplaces, water heaters and building materials in the home can seriously affect air quality, as can dust mites, pet dander and smoking.

Keeping fumes, dander, mites and other pollutants and allergens to a minimum helps prevent respiratory problems and allergic reactions, including coughing, headaches, itchy and watery eyes, shortness of breath, even asthma attacks.

Here are three suggestions from air-filter manufacturer Permatron Corp., based in Elk Village, Ill.:

Clean it up. While most people ascribe to spring cleaning, getting your home ready for winter is equally important. Use a damp cloth to dust tops of doors, window frames, cabinets, artwork and ceiling fans. Dust and vacuum air vents, under furniture and behind the refrigerator.

Don’t track outside dirt, sidewalk and road chemicals, and other pollutants into your home. Simply add grass or rubber mats outside, so people can wipe their feet before entering. Ask your family as well as guests to remove their shoes and store them on a rubber mat next to the front door to keep from tracking dirt and pollutants throughout the house.

Keep mites away. Combat them by keeping the humidity about 35 percent; drier air discourages mites. Clean drapes and bedding frequently in hot water.

Turn your recirculating fan to “on” instead of “auto.” The “auto” setting causes the fan to shut off with the rest of the system as soon as the desired temperature is reached.

©2015 The Philadelphia Inquirer
Distributed by Tribune Content Agency, LLC

BUYERS KNOW THE FACTS: Changes to the Loan Modification Program Expiring in 2016

Important Facts About Loan Modification Programs Expiring in 2016! Written By Michael A. Nolen, CEO of Delmarva Home Relief, December 09,2015 It’s getting close to the end of government sponsored loan modification programs. If you’re looking for mortgage help, you better apply soon. If you’re haven't applied byDecember 31, 2016, mortgage relief options could be limited. In this post, I’ll give you some insight about the end of government programs in 2016 and some pointers of what you'll need to do to plan your options. Helpful Information on MakingHomeAffordable.Gov HAMP® is designed to lower your monthly mortgage payments, making them more affordable and sustainable for the long-term. Application Deadline: December 31, 2016 What you'll need to do??? Borrowers must apply on or before December 31, 2016 in order to be considered for a HAMP loan modification. You’ll need to be eligible for HAMP and your mortgage company must participate. If you meet the deadline, you’re lender will need to make a decision by September 2017. This doesn't mean you're going to get approved. If you pass the deadline and find out HAMP is not an option, you're not going to be able to get reviewed for short sale or deed in lieu programs offered under the government sponsored programs. If you miss the deadline, you may have limited options. Participating Mortgage Companies and Loan Servicers U.S Mortgage companies participate with MHA programs like HAMP, the Home Affordable Modification Program, and HAFA, the Home Affordable Foreclosure Alternative Program. Some mortgage companies include Bank of America, Citi Mortgage, JPMorgan Chase and Wells Fargo. Some loan servicer’s many participate as well like Ocwen Loan Servicing, Nationstar Mortgage and Seterus. Even if your loan servicer participates, you’ll need to make sure your lender participates as well. Learn how to find out if HAMP is available with your mortgage company here Lenders are already starting to tighten up!  In my professional opinion, I believe it will be difficult for borrowers to get help after the deadline. Lenders are already starting to tighten up on lender specific program guidelines for not only loan modifications, but also short sale programs and deed in lieu of foreclosure programs. We’ve started seeing more promissory note requests with short sale programs. Recently we've had to open more disputes on lenders decisions than we've ever had to in the past. Borrower's sometimes spend months with results that may not be favorable  It’s common for borrower’s to spend months negotiating a modification before finding out that it isn’t the best option either due to not qualifying or the lender's proposed modified mortgage payment isn't affordable. Alternative options after modification Next, you'll need to review your non retention options like selling your home as a short sale or transferring ownership back to your lender through a deed in lieu of foreclosure program. 2016 may in fact be your last year to get mortgage help. If you don’t act fast, you could miss out on other foreclosure alternative programs. Not Behind, You May Have Options If you're experiencing a possible financial hardship in the near future, there could be hope for you. Some lenders are considering borrower's for different programs when they’re not behind on their mortgage. For example, FHA and HAMP could allow you to get modified not being delinquent if you qualify for under specific imminent default guidelines. There are many guidelines and qualifications in order to get a government program. If you think you’re going to need mortgage help, you owe more on your mortgage than your home is worth, or facing foreclosure, get help now. You should find out if there are options. At least get a clear picture of what possibilities are out there to better educate yourself for the future. Steps to get loan modification help Contact your Lender or Loan Servicer Consider contacting a modification consultant or specialist Consider an attorney, but be careful of up-front fees Avoid paying up-front fees if possible Look for loan modification guarantee that gets you an agreement from yout lender before a fee is due

Home Buyers: Watch Mortgage Rates Begin to Climb ... Buy Now!

Prices & Mortgage Rates Going Up in 2016

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Posted: 03 Dec 2015 04:00 AM PST                          The monthly mortgage payment on a home is determined by two elements: the price of the house and the interest rate you pay on your mortgage. Recently released reports are revealing that the experts expect both elements to increase in 2016. HOME PRICES CoreLogic has projected a nationwide 5.2% home value appreciation for the next twelve months. Here is their breakdown by state: MORTGAGE INTEREST RATES All four of the entities that provide projections on mortgage interest rates agree: they’re going up in 2016. Here are the predictions over the next four quarters:

Sellers: Preparing for a Home Inspection

How to Prepare Sellers for a Home Inspection

Preparing your sellers for a home for inspection will not only present your property in its best condition, but will also help to prevent closing delays due to incomplete or repeated inspections. Attending to each of the following will ensure a prepared property and a smooth sale.

Below is a partial list of items to help a seller prepare for a home inspection. The full list is available on Tri-State Home Inspections' website.

Seller Preparation

• Make sure all interior and exterior light fixtures work.
• Provide access to the furnace, water heater and electric panel.
• Install a new furnace filter. It will be looked at during the inspection and be considered as part of the overall condition of the furnace or the heat pump.
• Ensure all windows operate smoothly. If some are stuck or painted shut, the impression will be that many windows cannot open.
• Replace all damaged window screens.
• Tighten all doorknobs and tighten or repair all handrails, also check to be sure all interior doors will latch to the strike plate.
• Make sure the attic is accessible, the inspector will enter the attic
• Be sure that there is a minimum of one smoke detector per floor and in every bedroom and that they are in proper working condition
• Provide keys, or unlock sheds and all outside buildings.
• Divert all water away from the house, i.e. down spouts, sump pump, condensation drain, etc.
• Remove grade or mulch from contact with siding, preferably 6 or more inches of clearance.

 We can provide your clients with a professional home inspection, pre-drywall inspection, pre-listing inspection, wood destroying organism (termite) inspection, Radon testing, mold inspection and drinking water quality tests. 

SOURCE:  Tri-State Home Inspections; Eric Espada, ACI,CMI

Buying vs Renting: Either Way Your're Paying a Mortgage

Rent vs. Buy: Either Way You’re Paying A Mortgage

by The KCM Crew on November 30, 2015 

There are some people that have not purchased a home because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that, unless you are living with your parents rent free, you are paying a mortgage - either your mortgage or your landlord’s.

As The Joint Center for Housing Studies at Harvard University explains:

“Households must consume housing whether they own or rent. Not even accounting for more favorable tax treatment of owning, homeowners pay debt service to pay down their own principal while households that rent pay down the principal of a landlord plus a rate of return.  

That’s yet another reason owning often does—as Americans intuit—end up making more financial sense than renting.”

Christina Boyle, a Senior Vice President, Head of Single-Family Sales & Relationship Management at Freddie Mac, explains another benefit of securing a mortgage vs. paying rent:

“With a 30-year fixed rate mortgage, you’ll have the certainty & stability of knowing what your mortgage payment will be for the next 30 years – unlike rents which will continue to rise over the next three decades.”

As an owner, your mortgage payment is a form of ‘forced savings’ that allows you to have equity in your home that you can tap into later in life. As a renter, you guarantee your landlord is the person with that equity.

The graph below shows the widening gap in net worth between a homeowner and a renter:

Bottom Line

Whether you are looking for a primary residence for the first time or are considering a vacation home on the shore, owning might make more sense than renting with home values and interest rates projected to climb.

Party Time: Get Your Home In Tip-Top Shape with Friends

Get Your Home in Tip-Top Shape Even When Time Is Not On Your Side

By Keith Loria

                                                   

Ask anyone who has ever gone through the process of selling a home, and they’ll tell you that time is the No. 1 thing you need on your side. From removing clutter to making rooms look good, renovating or fixing anything that’s broken to finding a real estate professional you feel comfortable working with, there’s a lot of time involved in the process. But if a new job, a death in the family or a marriage proposal are necessitating a quick sale, there are certain things you can do to get your home ready.

If time is of the essence, the first thing you’ll want to do is get your house in showing condition. Throw out the clutter, pack your stuff away and hire a professional cleaning service to come in and get the house sparkling. You may also want to have someone come and take care of the lawn as well.

It’s also a good idea to take care of any updates that can be accomplished over the course of a few days. This means replacing broken light bulbs, patching up nail holes, making spackle repairs in the bathroom, fixing any drips and taking care of any little things that a potential buyer might use as an excuse to not be interested in your home.

Another great way to get your home in tip-top shape without wasting a lot of time is to hold a painting party with some of your friends and neighbors in order to freshen up some of the main rooms in the house. This is a great way to have fun, spend one last weekend together and get your house looking good.

Your agent will most likely have some ideas as well, so be sure to listen to their advice. This probably isn’t the first home they’ve been asked to move quickly, so be sure to take their ideas into consideration.

If you’re planning a quick move, try not to have visible signs in the home that lead prospective buyers to believe you need to vacate quickly. And make sure your neighbors know not to say anything about your situation if someone asks. The last thing you want is a lowball offer because a house hunter overheard that you needed to get out quickly.

In the end, it’s important to keep an open mind, especially if you need to move quickly. If an offer comes in under your asking price and your agent thinks it’s probably the best that’s going to come, you may have to accept. Make sure to talk about all the options, including the possibility of renting your home for a period of time if that makes the most sense.

Contact our office today for more tips to prepare for a quick move.

Updating the Kids' Rooms on a Budget

Updating the Kids' Rooms on a Budget

RISMEDIA, Monday, November 23, 2015— Whether it’s food, fashion, or especially their rooms, children’s likes, dislikes and tastes are ever changing. “Themed” bedrooms are constantly being outgrown, yet most parents want their kids to have an environment they’ll enjoy spending time in for play, homework, and sleep. No need to break the bank—it’s possible to decorate and equip a child’s room using more imagination than money. Here are some ideas on how to pull it off.

• Paint is your friend. Nothing transforms a room like a new coat of paint, especially if you go with a bright or trendy color selected by your child. If your child is old enough, get him or her involved in painting the walls or trim, and be sure to keep some extra paint on hand for sure-to-be-needed touchups. Changing the color again in a couple of years is not difficult or time consuming; watch the home stores for paint sales and make your move. Add to the color scheme with inexpensive throw pillows, rugs, and other decorative touches.
• Think twice before creating an entire room based on a very specific theme, such as a popular movie character, dinosaurs or space travel. Kids often lose interest quickly and shift their attention to the next thing that captures their imaginations. Instead, consider using just a few relatively inexpensive elements to recognize these interests – posters and collages are just a couple of ways to include a theme without going overboard. Garage sales can also be a good source of well-priced themed items that were previously loved by another child.
• For larger items such as dressers, bed frames and other furniture, see if your community has a website that lists items for sale or trade. A quick coat of paint and minor repairs may be all that’s needed to transform an inexpensive (or free) piece into a real find. This ultimate form of recycling is also a great way to find new life for unwanted items from your own home.
• Shelves and bookcases make great places for children of any age to create ever-changing displays that reflect their interests – from artwork and action figures to favorite books, or gear from their sports teams of the moment. The flexibility of these spaces will be appreciated by small children to teenagers for years to come.

With some creativity and resourcefulness, you and your children can create personal spaces that they’ll love, and that can be changed and updated without spending a fortune.

Extra: Looking for some seasonal help with fall home maintenance projects? Check out these timely tips from Pillar To Post Home Inspectors: click on link below for utube video

http://newsletter.rismedia.com/items/mobileview/22086/1056351/28302398/83708/?utm_source=newsletter&utm_medium=email

Sellers: Now or Never??? When will the time be right for you to sell?

Why You Should Sell Now… Before Winter Hits

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Why You Should Sell Now… Before Winter Hits Posted: KCM Blog  16 Nov 2015 04:00 AM PST People across the country are beginning to think about what their life will look like next year. It happens every Fall. We ponder whether we should relocate to a different part of the country to find better year-round weather or perhaps move across the state for better job opportunities. Homeowners in this situation must consider whether they should sell their house now or wait. If you are one of these potential sellers, here are five important reasons to do it now versus the dead of winter. 1. Demand is Strong Foot traffic refers to the number of people out actually physically looking at home right now. The latest foot traffic numbers show that buyers are still out in force looking for their dream home. These buyers are ready, willing and able to buy…and are in the market right now! As we get later into the year, many people have other things (weather, holidays, etc.) that distract them from searching for a home. Take advantage of the buyer activity currently in the market. 2. There Is Less Competition Now Housing supply is still well under the 6 months’ supply necessary for a normal market. This means that, in many markets, there are not enough homes for sale to satisfy the number of buyers in that market. This is good news for home prices. However, additional inventory is about to come to market. There is a pent-up desire for many homeowners to move as they were unable to sell over the last few years because of a negative equity situation. Homeowners are now seeing a return to positive equity as real estate values have increased over the last two years. Many of these homes will be coming to the market in the near future. Also, new construction of single-family homes is again beginning to increase. A study by Harris Poll revealed that 41% of buyers would prefer to buy a new home while only 21% prefer an existing home (38% had no preference). The choices buyers have will continue to increase over the next few months. Don’t wait until all this other inventory of homes comes to market before you sell. 3. The Process Will Be Quicker One of the biggest challenges of the housing market in recent times has been the length of time it takes from contract to closing. Banks are requiring more and more paperwork before approving a mortgage. Any delay in the process is always prolonged during the winter holiday season. Getting your house sold and closed before those delays begin will lend itself to a smoother transaction. 4. There Will Never Be a Better Time to Move-Up If you are moving up to a larger, more expensive home, consider doing it now. Prices are projected to appreciate by over 18.1% from now to 2019. If you are moving to a higher priced home, it will wind-up costing you more in raw dollars (both in down payment and mortgage payment) if you wait. You can also lock-in your 30-year housing expense with an interest rate below 4% right now. Rates are projected to rise by this time next year. 5. It’s Time to Move On with Your Life Look at the reason you decided to sell in the first place and determine whether it is worth waiting. Is money more important than being with family? Is money more important than your health? Is money more important than having the freedom to go on with your life the way you think you should? Only you know the answers to the questions above. You have the power to take back control of the situation by putting your home on the market. Perhaps, the time has come for you and your family to move on and start living the life you desire. That is what is truly important.

Decorate on a Budget: Paint, Repurpose, Recycle, Transform ... Please Yourself!

5 Interior Design Ideas for a Shoestring Budget

RISMEDIA, Tuesday, November 10, 2015— It can be daunting to approach a new project if you’re not a professional. However, redesigning the interior of your home doesn’t have to be a long, difficult process where you have to knock out a wall or reconfigure the plumbing. With the right attitude, it’s a cinch to spruce up the interior of your home without risking your home warranty in the process. Even a small change to your living space can prove invigorating, regardless of your talent or age.

Here are five of the most sought-after and creative low-budget interior design ideas that will make both you and your decor sing again.

Paint a Room

Every few seasons, it’s a good idea to view your decor with new eyes. Multiple studies show that colors affect our moods, and painting is by far the easiest and least expensive way to dramatically alter a room. The design choice you make should match or complement any key pieces of art or furniture with which you do not intend to part. Use a color wheel and take photos with you to the paint store to make sure you’ve got the right accent. Many companies that produce paint conveniently offer color themes from which to chose. Take the feel of your home from bold, vibrant summer colors to the warmth of fall with a simple switch in undertones.

Embrace a Nautical Theme

Combine a little bit of rope with a dash of creativity for a creative stay-cation in your home. Visible rope on a round hanging mirror gives a room a boat-like feel. Alternately, wrapping rope around a mirror creates a similar effect. Putting rope along a stairwell or around a banister can bring synergy to the room. Accent the look with rope coasters made with a glue gun to bring the look together. Don’t want to fiddle with sliding door hardware? Use vertical lines of rope a few inches apart to section the room; this is a great alternative to overpriced floor coverings that can be hard to clean.

Recycle an Old Bookcase

Books can get dusty and heavy if they’re not frequently picked up. After you’ve made the charity drop-off of used books, that old bookcase can transform into curio storage or be extra pantry storage. A new coat of paint will match it to your bathroom decor, or a new coat of stain places it nicely in a rustic kitchen. If you want to combine this idea with the nautical theme, remove shelves and hang them, anchoring each shelf with a single knot on the underside of each corner. If you’ve got larger books you’re keeping, use them to rest against the rope instead of bookends.

Transform Found Objects

Insert a cushion into the bottom of a claw-foot tub or into the hole of a painted tire to convert an unused object into a unique and creative talking point for guests. New seating is an easy project that takes little effort and yields an immediate room-altering reward. Two-by-fours can be inserted into concrete blocks for a DIY bench. Put a circular piece of wood over the top of a tire, cover it with sisal to create a charming ottoman, or elevate it with wooden legs of various lengths for a bar stool or low side table. Pallets can be stacked, painted, and nailed together to create a one-of-a-kind coffee table.

Make an Artistic Headboard

Spending a few minutes tying some easy knots from heavy string will revamp your bed and and accent your wall color. You could also use an old door by painting it to create a storybook feel for a child’s room. Even if you don’t consider yourself artistic, a few careless splashes of paint on a solid black or white headboard background can take a bedroom from boring to modern.

This post was originally published on RISMedia's blog, Housecall. Check the blog daily for winning real estate tips and trends for you and your clients.

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A day at the beach: Fenwick Island, Delaware ⋆ The Dining Traveler

A day at the beach: Fenwick Island, Delaware ⋆ The Dining Traveler:



Click to Learn About Fenwick island Delaware

This summer, I’ve been on a mission to discover new places a short ride away from DC. One of the things I realized is that summer was about to end and we have not been to the beach yet. The thought of going south on I-95 on a Friday afternoon does not spark my interest. I’ve also heard about the traffic towards Ocean City and Rehoboth. Our solution: wake up at zero-dark-thiry (well, not that early but 6am on a Saturday is pretty ambitious) and go on a road trip to Fenwick Island, Delaware. We were seeking a less crowded beach and a more authentic coastal feel. After a little research online, we discovered this hidden gem on the Atlantic Coast. The Beach As we approached Fenwick Island, we grasped the beauty of the East Coast: driving by rows and..

Mortgage Rates are Slipping Upward in General

As part of my continued service to you, I'd like to provide the most up-to-date interest rates at Prosperity Home Mortgage. This is an indication of mortgage rates at the time this document is published. Specific rates are quoted based on a borrower’s qualifying criteria, credit score, equity, property type, and any applicable state-specific requirements. I would like the opportunity to provide specific rate quotes to your clients based on their specific needs.

REFERRAL PARTNER RATE SHEET November 7, 2015   Rate APR Points 30 Year Fixed 3.875% 4.033% 0.500 15 Year Fixed 3.250% 3.428% 0.000 5 Year ARM 3.000% 3.032% 0.125 5/5 ARM (>$417K) 3.125% 3.257% 0.000 5 Year FHA ARM 3.250% 3.705% 0.000 30 Year FHA 3.625% 4.733% 0.000 30 Year VA  3.625% 4.059% 0.625 5 Year VA ARM 3.250% 2.952% 0.000 30 Year USDA 3.625% 4.518% 0.375 Two Step 15/15 ARM 3.625% 3.527% 0.000 30 Year Jumbo 3.875% 3.912% 0.000

Prosperity Home Mortgage and I look forward to working with you to develop client relationships that last a lifetime. Please contact me at 410-937-1520 or lisa.diesel@phmloans.com if I can assist you or any of your clients.

Home For The Holidays .... or Away? Protect Your Property From Theft, Damage, Loss

8 Holiday Home Security Reminders

Taken from: Dottie Wells Blog,  Branch Manager, Bethany Beach, DE.

Nothing can ruin the holidays more than a break-in. The loss of property, the damage to your home, and the sense of loss can be traumatic. The good news is that there are a number of steps that can be taken to protect your home and your family during the holiday season and provide a greater peace of mind when you get away to celebrate.

1. Be consistent with your holiday lights. It's a lot of fun to decorate the outside of your home with a holiday display. However, if you have plans to go away, make sure that your outside lights are on a timer so that you don't advertise that you are aren't home. You may want to consider keeping the decorations to a minimum if you plan to go out of town and skip the lights this year, but it helps to have some décor so that the house does not stand out in the neighborhood.

2. Give your house that lived-in look. If you and your family have travel plans, make sure that you have made arrangements for the mail, package deliveries, snow removal or yard work, and that inside lights are on timers and are turning on and off. You may want to ask a trusted neighbor to keep an eye on your home and possibly even park a car in your driveway.

3. Be careful with your trash. Your trash can make you a target for a break-in. Boxes from high ticket items like televisions, electronics and jewelry can give clues to thieves about what may be in your home. Break the boxes down and put them in trash bags or recycling instead of piling them up at the curb.

4. Be careful with your social media. Make sure that you do not post your travel plans online, which would provide detailed information about when you will be gone and for how long. Also, be careful regarding what gifts you are purchasing for your family. Beware about "checking in" online when you are attending social events. This also advertises when you are not at home.

5. Use "sign" language. Even if you don't have a dog or a home security system, posting signs to that effect can act as an additional deterrent to thieves.

6. Disable your garage door openers. Unplug the garage door openers when you leave on your holiday vacation. This prevents anyone with a universal remote from gaining access to your home.

7. Safely store your valuables. For added protection, safely store your valuables like expensive jewelry, coins and other collectibles in a safe or bank's safe deposit box before you leave. That way if there is a break in, you will have an additional level of security.

8. Install a home security system. Consider having a professional home security company install a system in your home. Not only will it monitor the home for theft, but can keep an eye on it for fire and flood as well.

We hope that you have a safe and wonderful holiday season!

Would You Like To Own Your Own Vacation Home? Look at the Pros and Cons of Vacation Home Ownership.

Pros And Cons Of Purchasing A Vacation Home

By Dave Goodboy | January 03, 2012 | MyMove.com

Many homeowners dream of owning another home. Whether this vacation home is near the ocean or in the mountains, owning another home is a popular goal. To decide if it's a smart move, we look at both the pros and cons of owning a vacation home. (To learn more, see How To Afford A Second Home.)

The Pros of Purchasing a Vacation Home

Your Own Customized Vacation
The most obvious benefit of owning a second home is always having a place to take a vacation. You won't have any worries about being able to book hotel rooms during peak seasons. This isn't even mentioning having room for additional family and friends. Having complete control over the furnishings and even design of the property permits the homeowner to create the perfect environment for his or her needs.

Income

Another great reason to own a vacation home is the potential for additional income. Obviously, most will not be staying year-round in the vacation home, therefore these unused times can be rented out to vacationers to generate additional income. This income can be used to pay the mortgage on the second home, pay off other expenses or diverted toward savings. Although it is unlikely that the vacation home will pay for itself via part-time rentals, this income may greatly reduce the overall cost of ownership. Pay a visit to several real estate agents in the chosen area to determine what you could expect in terms of rents and occupancy over the year.

Of course, remember to think reasonably and with the primary location attraction in mind. For example, a home at a ski resort will most likely be easier to rent during the winter months. A home on the beach in the northern climates will be easier to rent during the summer. There are often property management companies in popular vacation home areas that will locate and screen tenants for your vacation home.   Taking advantage of their services is a must if one wishes to rent out a vacation home.

Appreciation
Potential appreciation is another huge benefit of owning a vacation home. Making certain not to overpay for the property is key. It is easy to let emotion get control when making decisions for buying second homes. It is critical that the vacation home is viewed as an investment prior to purchase to maximize the potential appreciation. Just like in all other real estate, location is the key for increasing the odds of appreciation.

The Cons of Purchasing a Vacation Home

Expenses
The primary con of owning a vacation home is additional expenses. Owning a second home instead of renting can be an expensive proposition. Everything that breaks or needs repair must be paid for by the owner.Property taxes, routine maintenance, insurance and utilities are but a few of the additional costs created by owning another home. While renting out the home can cover many of these costs, it can also create costs if the tenants are not properly screened.

Limited Vacation Locations
The next and seldom-considered con, particularly prior to purchase, is being stuck in one location to vacation. Even if it's a loved place, spending vacations year after year in the same location can become boring or routine. Although this con can be easily overcome by renting out the vacation home on a yearly basis, it is critical to consider.

The Bottom Line
There are many pros and cons of owning a vacation home. Before you make any purchase, be sure to do your research to see if the property will be the right fit for your needs.