If a second home is attractive but you do not think you can afford it, consider buying a second home that doubles as a rental property. It may add to your retirement plan by establishing regular savings in the form of mortgage payments that become home equity.
Your experienced real estate agents can help you evaluate the factors involved in the purchase of rental property, including down payment, matching rental income with costs (principally mortgage, taxes, insurance) and tax benefits. A relatively small initial investment (your down payment) will grow over time as you pay down your mortgage and your property appreciates.
Most experts predict that interest rates for fixed-rate and adjustable mortgages should remain in single digits for the foreseeable future, so it should be easy to acquire financing with a small down payment. Call us with your real estate questions. We have helped hundreds of people to sell their homes and properties—and to purchase the home of their dreams.
Contact Al & T.K. for all your Utah County real estate needs.
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