Real estate is an investment and a lake home, whether it’s your primary residence or vacation home, is no different. Here are some things to keep in mind when financing a lake home:
- Down Payment: the more you put down, the more equity you start out with in your home. A large down payment also helps to lower your mortgage rates. Expect to pay a large down payment if your lake home is your second home.
- Rent Your Property: Rent your property a few months out of the year and use the rental income towards your principal balance.
- Home Improvements: The right home improvements can build equity in your home. Believe it or not the small improvements are the ones that bring a greater return on investment.
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