Secondary Vacation Homes - To Buy Or Not to Buy?
By D. B. Wilson
There's a lot to take in these days when considering the idea of a secondary vacation home. With the surplus of foreclosures in some of the prime US vacation markets, folks are wondering if now is the time to buy. But, there are still important questions to ask yourself before diving into those balmy vacation home dreams.
Due to the rapid decline of the once booming housing market, you're simply not going to get rich quick by buying a second home. So, does this mean you just scratch the idea all together? Not necessarily- but you may need to truly evaluate your reasons for wanting to invest in a secondary vacation home.
The rule of thumb for such a purchase in today's unstable market, is to buy for the immediate love of a vacation home, for the desire to own it and use it, with money and investment as much further considerations. Basically, you have to be prepared to hang on and hold on to what you've purchased for a while. You must be prepared to sail through the dips and dives in the economy, and like all things real estate, you'll eventually be rewarded for hanging in there. Or maybe you'll fall so deeply in love with your home that you'll never want to let it go!
So, if you've had a specific dream for a particular vacation home- say you've always dreamed of owning a piece of oceanfront or a ski condo- well then today's market may be suited to your dreams perfectly. Again, a smart vacation home purchase today, is one that you purchase out of love, and not for money.
The good news is, if your priorities are aligned right and a secondary vacation home is just the thing for you, well then you as a buyer have struck it lucky. As houses in today's market are certainly taking longer to sell, sellers are eager to move their properties and are more prone to offer incentives and to be extra willing in negotiations. If you find something you like, you're just about guaranteed to get it for less than asking price.
Another bonus for those considering a vacation home purchase is that the rental market is steadily on the rise. So, if you plan on helping pay those mortgage payments through rentals, then you've hit the right time.
Also, these days you can take your time shopping for the ideal home, in the perfect place. There's a lot on the market and again buyers have the power to negotiate.
Another consideration to be mindful of is a financial one. Can you really do it? While mortgage rates have come down, second-home loans are a tougher deal. They're a half to one percent higher than for principal homes and this is because banks know someone is more likely to walk out on their secondary home if in crisis. Banks are covering themselves as best they can in light of the current subprime mortgage debacle.
All things weighed and considered, if you're truly looking for a vacation home to love and enjoy over a relatively long term period, then the time is right for you to go ahead, shop and purchase your dream. Go for it!
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Paphos Property the Ideal Holiday Retreat
By Kevinor Moore
There really has never been a better time to buy Paphos property whether you are looking for a luxury beach front apartment or even an exclusive villa with it's own swimming pool. Situated on the west coast of Cyprus a short drive from the boarder with Northern half of the Island Paphos is ideally placed for easy access to the rest of the countries many places of interest and all the commercial centers too including the capital Nicosia. Unlike many of the nearby Greek Islands Cyprus has a modern motorway network that links up all the main resorts and towns making driving there a pleasure rather than a chore. Another great benefit of owning Paphos property is the towns growing reputation as an all year resort. In fact the Cyprus tourist board has recently embarked upon a major advertising campaign emphasizing the Islands status as a year round holiday resort. This is great news for Paphos property owners looking to make a rental return on their property investments in the area whilst they are not using their house or apartment themselves.
The bustling holiday resort and town has more than enough to keep holiday makers or residents alike occupied throughout the year which may go some way towards explaining why so many people purchase a permanent home there. Then again, it could perhaps have something to do with the wide variety of properties and diverse locations that the Paphos area has to offer. As you would expect there are plenty of new build luxury villas and apartments on offer right on the resort itself which makes them ideal for holiday homes or even rental investments. But there is a lot more to Paphos property than just sea front condo's and exclusive luxury villas with private pools if you are prepared to look a little deeper. Paphos is basically two towns in one the old and the new or Paphos and Kato Paphos as they are also known. The newer part is mostly around the resort area whilst the old town is built on the hill overlooking the sea. Property buyers can find some real gems tucked away on the older suburban streets just away from the hustle and bustle but still within walking distance of all the action.
The Paphos area also encompasses a large number of rural villages and small townships that have on the whole so far escaped the building bonanza that has gripped the rest of Cyprus in recent years. It's one area of the Island that is virtually littered with little villages that nestle at the base of the Troodas mountains and surrounding countryside almost forgotten. Life in these sun drenched corners of this Mediterranean paradise goes on much the same as it has done for many generations with land and farms being passed down from Farther to Son in the traditional Cypriot way. As the properties along the coast have become more expensive many buyers seeking that perfect Paphos property are turning their attention further inland and Cyprus property developers are rising to the challenge. So for buyers who want the benefits of village life with the luxury of all mod cons one of the many small new developments springing up in the area could be the answer. The Cypriot people are amongst the friendliest you could ever be fortunate enough to meet anywhere in the world and their warm welcome is a genuine one not just something they put on for money spending tourist. So the chances are that anyone buying a Paphos property in one of these outlying areas would be made most welcome by the locals.
It is highly likely that the cost of Paphos property will continue to rise in line with the rest of Cyprus so potential buyers will need to act soon if they want to save a substantial amount of money. The upside of course is that rental prices will probably rise also making that holiday home or investment property all the more worthwhile in the long term for buyers who act sooner rather than later. With so much to offer both holiday makers and residents few would argue that Paphos is probably one of the best locations in Southern Cyprus to take a holiday or even to live. Imagine all those long warm summer days when you will be able to take a leisurely stroll down to the pretty Medieval harbour and sit at one of the many cafe restaurants as the sun sets. Chatting with both the locals and the holidaymakers whilst taking in the view across the beautiful crystal clear waters of the warm Mediterranean Ocean or watching the setting sun as it drops behind the Troodas mountains. However you decide to spend your time in Cyprus your would do well to check out the potential of owning your very own Paphos property.
Kevin Moore owns and operates the Information Cyprus web site and spends most of the year at his home on the Island writing regular articles about this beautiful Mediterranean paradise. You can read more about Paphos Property Here
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