Thinking of a Vacation or Retirement Home LOOK

Dated: 09/19/2012

Views: 4001

When the economy was exploding in the early 2000s, many of us began to dream about purchasing that vacation home on the lake or securing a home in a more appropriate location for our retirement years. However, with the booming economy came skyrocketing house prices. Many of the homes we fell in love with quickly became out of reach financially. Perhaps we should take a second look at these same homes today.

With prices dropping by over 30% in some markets and with interest rates at historic lows, this may be the perfect time to do what we and our families have always dreamt of doing – buying that second home. Let’s look at the numbers.

Back in 2006 we may have seen the ‘perfect’ home but the $500,000 price tag was just out of reach. Today, we could probably get that home for $400,000 (if not less). We also would be financing it at the current mortgage rate instead of the rates available six years ago. The table shows the difference in impact on our family’s finances.

Information supplied by KCM. 

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Marion Romano

I grew up in Bergen County, New Jersey across the Hudson River from New York City. My husband, Dennis, and I raised our two children there. As soon as the kids were finished with school, Dennis and I ....

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