Home Owners Gain Value with Vacation Homes in Maryland

With all the talk of a souring economy, poor housing market and unemployment at 9%, there are still some value home purchases for those looking at a 2^nd home. This is especially the case in the resort communities of Deep Creek Lake and Ocean City which offer year round attractions. The economic downturn has kept many from pursuing vacation properties and reduced state budgets have caused already struggling businesses to “fend for themselves” for coveted tourist dollars. In addition, proposed doubling of the bay bridge toll has left many worried interested homebuyers and other tourists will be hurt further, thus pushing down prices further. When you also factor in gas prices that while currently declining, are likely to average over $4/gallon this summer, it only makes such vacation spots more appealing.

Many assume buying a 2^nd home would be cost prohibitive, especially when it comes to the down payment. People assume the mandatory 20% would be required and they ask themselves “where would that possibly come from”. In actuality, qualified vacation home buyers may be able to qualify with as little as 10% down payment and the seller of the home help with the closing costs. Available rates are still near record lows for 2011. Other issues that generally pop up – its “just not in my price range” just doesn’t hold water anymore. There are many vacation owners looking for a quick cash infusion by getting rid of their homes. Unfortunately declining prices and falling demand often makes this prohibitive.

Investing the purchase of a 2^nd home is something many Marylanders should look at. Maryland and other local vacation hot spots are family friendly, offer fishing and other outdoor activities, and are now more affordable then ever. Purchasing a vacation with young children provides for years of trips as well as ties to the community during the summer or wintertime. Over time equity will be built providing for better long –term financial security. Prices are even more affordable the further out from the vacation locale. Once you determined investing in a vacation home is right move for you make sure to get a qualified realtor who is aware of the local market.  A simple real estate website search can also find properties geared toward your own home requirements. 

Purchasing a vacation home is not for everyone, but it something everyone should always consider.