With approximately one million people having purchased vacation homes in the last year, this type of residence is gaining popularity for those who are interested in a home in a beach setting or a vacation hot spot. However, while a second home can seem like a great purchase and solid investment opportunity, there are different requirements that go into this type of purchase. If you’re considering a vacation home, you may want to be aware of the following financial factors.
The Down Payment Amount
If you currently have a primary residence, you may be aware that you don’t need to put down 20% or even 10% in order to make a home purchase, but things are different when it comes to a vacation home. Because you will be taking on an additional mortgage, there is greater risk involved, and this means you will likely have to put in at least 10 percent. Because of this, many homebuyers utilize the equity they have in their first home to make up the down payment.
About The Credit Score
Most people that have a credit score of more than 500 have the ability to use a mortgage product and purchase a home, but if you’re buying a second property, you’ll need a higher credit score in order to facilitate the purchase. Because there is more risk involved, lenders will want to make sure you’re a good bet. In addition, if you do have a lower credit score, lenders like Fannie Mae may also expect you to put more down to decrease the risk involved for them.
The Income Required
Since you’ve been through the mortgage process for your first home, you’re probably aware that you debt-to-income (DTI) ratio needs to be a certain amount in order to qualify for a mortgage. While your DTI for a primary residence may be a little bit higher since it’s your only payment, this ratio will be lower for your vacation home since it’s higher risk. This means you’ll require a slightly higher income than for your primary residence in order to get approved.
Deciding to purchase a vacation home can be a very exciting concept for many people, but there are a number of different financial requirements that go along with buying another residence. If you’re in the market for a vacation property and are curious about what’s involved, give me a call to get you on the right track – J.P. Cook – 602-320-4253.
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9130 N Hummingbird Trail
Fountain Hills, AZ 85268
$2,050,000
4
Beds
3.5
Baths
3,100
SqFt
Status
Active
MLS #
6752059
Property Type
Single Family Residence
Price Type
--
New construction with amazing views of Four Peaks & Redrock Mountain nestled in a quiet cul-de-sac near to Firerock Country Club! 3100 sf contemporary southwest home on 1+ acres. Open concept plan with soaring 12' ceilings in the great room, Bosch SS appliances with full size refrigerator, shaker style cabinetry, large kitchen island. Step outside to your sparkling pool and enjoy the beauty around you. In addition to the master suite there's 2 additional fully suited bedrooms and a den that is perfect for an office or additional bedroom. 4 car garage with 10' ceilings. Don't miss out on this opportunity to own a truly unique and beautiful property!
9998 E Taos Drive
Scottsdale, AZ 85262
$2,050,000
3
Beds
3.5
Baths
3,460
SqFt
Status
Active
MLS #
6694885
Property Type
Single Family Residence
Price Type
--
Golf Membership Available- Nestled within the serene embrace of Desert Mountain, this exquisite property in Renegade Trail embodies the essence of easy living and timeless elegance all year, as well as a perfect lock and leave for shortened stays. Proudly offered by its original owners, this meticulously crafted residence boasts a prime location, mere moments from the front gate, New Renegade Clubhouse and the Sonoran Fitness Clubhouse, ensuring effortless access to all the community has to offer. Stating a timeless Arizona contemporary style, this home welcomes you with its one level living, adorned with stacked stone accents and sleek metal facia showcasing clean lines and captivating angles. Step through the private gated courtyard, where tranquil cactus gardens and inviting sitting areas set the tone for the serenity found within. Geometric ceiling designs grace the central living spaces, where open wood plank ceilings soar from 9 to 17 feet, complemented by dropped perimeter ceilings with expansive clerestory windows, infusing the interiors with radiant natural light. The heart of the home unfolds seamlessly, inviting gatherings and fostering cherished moments. The great room, with a prominent fireplace, reclaimed barn wood floors, and expansive windows framing picturesque views, invites relaxation and conversation. Adjacent, a sophisticated office space awaits, offering a serene retreat with a slider to the patio, mitered corner windows, and a niche with built-in furniture piece. The expansive kitchen with stone tiled floors, spacious island with seating for 4 and plenty of storage will delight any chef. Enjoy casual meals and outdoor vistas within the kitchen space with table space for 4 and the slider to patio. For larger gatherings the adjacent dining space with continued geometric ceiling detail provides a pleasing as well as intimate backdrop for sharing meals with family and friends. The L-shaped wet bar ensures libations flow, adding to the ambiance of any gathering. Retreat to the private Primary Ensuite, a sanctuary of luxury and tranquility, presenting a two-sided fireplace, scraped hickory floors, and a slider to the serene patio oasis with raised cactus gardens and a soothing fountain. The ensuite bath pampers with dual vanities, a spa-like tub with stone surround, and a spacious walk-in shower, while the expansive walk-in closet ensures ample storage. Two additional ensuites offer comfort and privacy, each appointed with its own unique charm and character. Outside, the L-shaped patio beckons with its covered living areas, grilling station, and linear salt pool, offering the perfect setting for outdoor entertaining or serene relaxation. Enjoy vistas of blazing sunsets, the surrounding mountains and Sonoran Desert landscape, creating an idyllic backdrop for year-round privacy and outdoor enjoyment. Renegade Trail presents an unparalleled opportunity to partake in the world-class amenities of Desert Mountain, including 7 clubhouses, 7 golf courses, 20 miles of hiking trails, and a variety of dining options, all set against the breathtaking backdrop of the Sonoran Desert landscape. Discover the epitome of desert luxury living in this remarkable Desert Mountain residence.
12459 N 116th Street
Scottsdale, AZ 85259
$2,050,000
5
Beds
4
Baths
4,271
SqFt
Status
Active
MLS #
6745021
Property Type
Single Family Residence
Price Type
--
FINALLY A FAMILY FRIENDLY FLOOR PLAN to satisfy family members & guests. UPDATED with new hardwood floors, kitchen & family room transforming this home to a light, bright, welcoming home perfect for everyday living & entertaining. Spacious Primary Suite boasts a sitting room & updated bathroom with two separate sink areas & 2 walk-in closets. That wing of the house features a Large bedroom or Bonus room plus another bedroom currently used as an office. Opposite are two additional large bedroom & 2 bathrooms. Bedroom # 5 bathroom also serves as a pool bathroom. Remodeled Kitchen has top of the line stainless steel appliances, double sinks, walk-in pantry. Family room also updated has a linear fireplace & wet bar opens to outdoor living. Entertaining is a Must Do with covered patio, built-in BBQ, heated spa & pool, plus a Gazebo with fireplace for day & evening dining. Multiple areas to lounge and plenty of place for children & family pets to romp. In Prestigious 24 Hour Guard Gated Ancala Country Club with true sense of community. Ancala HOA is very active with a variety of social activities to get to know your neighbors. Close to sought after Scottsdale & BASIS Schools, biking & hiking trails, shopping malls, theaters, a variety of dining choices and access to freeways. Ancala Country Club is PRIVATE & membership is OPTIONAL. Membership is required to enjoy the Country Club's tremendous array of programs & events and to play on the par-72 Championship Perry Dye golf course. You'll LOVE Living & Playing in ANCALA! HOME UPDATES 12459 North 116th Street, Scottsdale, AZ 85259 2021 Remodel kitchen, new appliances, hearth room fireplace & bar hardwood floors and baseboards, added custom door to hallway, new pool bath door New lighting and can lights kitchen, hearth, dining room, hallways, living room, New central vacuum system Bathroom counter tops and sinks, faucets New tile roof and exterior paint New outdoor lighting, rock, Irrigation and landscaping Pool cleaned out and new tile New cool deck painting New outdoor grill March 2024 new blinds, some with remotes, July 2024 two new water heaters June 2024 new pool filtration system New pool heater
9633 E Quarter Circle Loop
Gold Canyon, AZ 85118
$2,050,000
4
Beds
3.5
Baths
3,894
SqFt
Status
Active
MLS #
6730396
Property Type
Single Family Residence
Price Type
--
Beautiful new custom home located in Gold Canyon East at Barkley Ranch backing Golf Course on the 10th Green of the Dinosaur Course. Incredible views of the golf course. Fantastic finishes and details in the cabinetry, wood flooring, wood boxed beams on ceiling, marble tiled master bath, firepit and built in barbecue. The home surrounds a resort style pool with tiled Baja shelf and spa, stone finished columns with copper scuppers pouring waterfalls into the pool. Travertine pavered patios and pool deck with synthetic grass and firepit inside the fenced yard overlooking the 10th green of the golf course with beautiful views.
28415 N 59th Way
Cave Creek, AZ 85331
$2,049,995
5
Beds
4.5
Baths
4,030
SqFt
Status
Active Under Contract
MLS #
6642004
Property Type
Single Family Residence
Price Type
--
To Be Complete fall 2024. Featuring a desirable open-concept floor plan, the McDowell is the ideal setting to complement every lifestyle. The spacious foyer opens immediately onto the expansive great room with alluring views of the rear covered patio. The pristine kitchen overlooks a bright casual dining area and is highlighted by a large center island with breakfast bar, wraparound counter and cabinet space, and an ample walk-in pantry. The splendid primary bedroom suite showcases a generous walk-in closet and serene primary bath that features dual vanities, a luxurious shower with seat, large soaking tub, and private water closet. Conveniently located off a sizable flex room, secondary bedrooms offer walk-in closets and private baths. A roomy office can be found off the great room.
9007 N 83rd Street
Scottsdale, AZ 85258
$2,039,000
5
Beds
3
Baths
3,456
SqFt
Status
Active
MLS #
6730910
Property Type
Single Family Residence
Price Type
--
WOW! Rarely available large BASEMENT home in McCormick Ranch has just been meticulously remodeled with elegant, modern stunning finishes! Open floor plan with 2 bed 2 bath up and 3 bed/1 bath down. Custom cabinets with high-end GE CAFE appliances, beautiful quartz countertop, 10' statement kitchen island, luxury vinyl plank flooring, amazing accent walls, elegant modern bathrooms with large format tiles and beautiful vanities, luxury LED lights, primary lavish walk-in shower with freestanding tub, and 2 laundry rooms! New tile roof and new roof coating! 2 AC units (2021&2022). 3-car garage w/ New Epoxy garage floor! Large backyard features mature trees, NEW BUILT pebble pool with travertine deck, new turf /rock landscaping, RV gate, and a large cover patio! Excellent 3-C schools nearby. Basement home is rare in the valley, and comparing to 2 story home, basement is naturally cool during the hot summer maintaining about 78 degree without AC kicking on often which saves a lot of energy cost. It's the perfect home for empty nesters living upstairs while having basement for kids or grandkids to visit or a growing family with privacy and space for teenagers. Below is the improvement list: - New built pebble pool built by Thunderbird Pool, featuring travertine deck, self-cleaning system, baja steps and umbrella stand - New luxury turf front and back by AZ Luxury Turf - new tile roof and new roof coating by Irish roofing - 2 Trane AC units 2021 and 2022 - new sump pump motor and lid in the basement - new water heater - new windows in the basement - new kitchen with high-end quartz - new luxury GE CAFE appliances and Sharp pull-out microwave - new Pot filler in the kitchen - luxury vinyl plank flooring and high end carpet - large format marble look tile in all bathrooms - LED recessed deco lights for stairs and shower niches - luxury steam fireplace in the basement - luxury 3-side fireplace on main level - Unique and luxury lightings and ceiling fans throughout - 3 car garage with new epoxy flooring - New paint inside and outside - Interior new smooth texture finish and all new trims
6107 N 175th Avenue
Waddell, AZ 85355
$2,008,880
4
Beds
3.5
Baths
3,729
SqFt
Status
Active
MLS #
6753671
Property Type
Single Family Residence
Price Type
--
Welcome to a masterpiece of contemporary design This exceptional luxury modern farmhouse on 1 acre offers a harmonious blend of sophistication, comfort, and natural beauty, promising a lifestyle of unparalleled elegance and tranquility. The main house of 3729 livable square feet holds 4 bedrooms, 3.5 bathrooms , a Casita with 2 bedroom 1 full bath and a Loft with 1 bedroom, 1 bathroom. Totaling 5,934 sqft aproximately livable area Construction made with ICFs (Insulated Concrete Forms), 10'' flat ceiling throughout. The open-concept floor plan flows seamlessly from elegant entryway to the spacious Kitchen and family room with natural light. The gourmet kitchen is a chef's dream, sleek quartz countertops, and custom cabinetry that effortlessly blend modern convenience with farmhouse charm Entertain guests in style in the elegant dining area or gather around the cozy fireplace in the adjacent living room for intimate gatherings and lively conversations. Retreat to the lavish master suite, where luxury abounds with a spa-like en-suite bathroom, shower, walk-in closets. Additional bedrooms, guest house, and versatile living spaces provide ample room for guests, while a dedicated home office offers a serene environment for remote work or creative pursuits. Outside, the grounds invite you with endless opportunities for relaxation and recreation day and night. Lounge by the sparkling pool, take in the peaceful sounds of the pool waterfalls, dine al fresco under the extended covered patio, From the patio go upstairs to the balcony to the soaking in the beauty of the starlit sky. Don't be afraid to walk barefoot all summer long because these travertine title never get hot. Plenty of room in the 4 tandem car garage and RV Garage Conveniently located just minutes from Glendale Westgate world-class dining, shopping, and entertainment options, this modern farmhouse oasis offers the perfect balance of privacy and proximity to city amenities. Explore nearby hiking trails, golf courses, and cultural attractions, or simply unwind in the serenity of your own private desert retreat. Experience the epitome of luxury desert living in this exceptional modern farmhouse, where every detail has been carefully curated to elevate your lifestyle and exceed your expectations. Welcome home to your ultimate Waddell sanctuary. Across from the pool, the guest house of 1,005 livable square feet contains a full kitchen, living room, 2 bedrooms, 1 bathroom, and laundry room. The loft is under 1200 sqft and also has 1 bedroom, 1 bathroom, a kitchen, a laundry area with washer and dryer hook-up.
4810 N 43rd Street
Phoenix, AZ 85018
$2,000,000
4
Beds
4
Baths
2,834
SqFt
Status
Active
MLS #
6762643
Property Type
Single Family Residence
Price Type
--
VOTED BEST HOUSE ON REALTOR TOUR! In all my years in R.E., I have never seen a more meticulous, thought out, quality, over the top remodel. The final city building inspector declared it a new construction! Top of the line everything. As of 2020, new plumbing, new electrical including the panel, new roof, new AC including duct work, new flooring, new kitchen, owned solar in 2022, hardwired security and internet, reverse osmosis and soft water loop, low voltage recessed lighting, misting system with additional exterior gas stubs for firepits or exterior heaters, low E triple paned windows with auto retractable blinds, Thermador duel fuel gas stove top with electric range, LG Inverter lineage fridge. Dual head shower in primary bath. Storage building is wired and AC. House is clan with Hardie board concrete siding. See document tab for details. Two safes, work out equipment, W&D, BBQ, Spa and additional range/oven available. Super insulated attic and walls (see documents tab in addition to the owners explanation of other details. List price is the 3/24 Appraised value. VOTED BEST ON TOUR AT THE RECENT BROKERS TOUR!!
8335 N Vista Lane
Prescott, AZ 86305
$2,000,000
5
Beds
5
Baths
4,891
SqFt
Status
Active
MLS #
6730398
Property Type
Single Family Residence
Price Type
--
Contemporary home nestled at the base of Granite Mt. in Williamson Valley on 4.75 acres. Enter this passive solar home through extensive rose gardens surrounding an 1100 sf patio framing views of Granite Mt. Upon entering the home designed by a student of Paolo Soleri experience the of Pella Solariums to bring the views indoors. Views of the San Francisco Peaks are captured from the rear covered patio connecting the main house to the guest wing. The main house is 3,681 sq ft. featuring an open floor plan consisting of soaring 20-foot wood vaulted ceilings & clerestory windows in the kitchen, bar & great room. The Chefs kitchen features Wolf & Sub Zero appliances, custom cabinets. See document tab for more details.
10743 E Monument Drive
Scottsdale, AZ 85262
$2,000,000
5
Beds
3.5
Baths
4,434
SqFt
Status
Active
MLS #
6768122
Property Type
Single Family Residence
Price Type
--
Welcome to this exquisite single level 5-bedroom, 3.5-bath residence in the beautiful community of Candlewood Estates at Troon North.This is a perfect retreat for those seeking luxury & comfort in a vibrant community. As you step inside, you are greeted by a spacious open-concept living area, illuminated by large windows that allow for abundant natural light. The design features high ceilings & updated stylish finishes, making it an ideal space for both relaxation & entertaining.The living room, with its cozy fireplace, flows effortlessly into the dining area and the spacious kitchen boasts state-of-the-art stainless steel appliances, granite countertops, & a large center island for gathering!The expansive primary suite offers large windows with beautiful plantation shutters that allow a beautiful view of the pool and spa, and private patio. The primary bath offers a large walk in shower, soaking tub , his and hers vanities and generous walk in closet. There is a designated main home office/den space with beautiful mountain views that could be another bedroom and finished room off the garage for a mother in law bedroom or its current off use as an office with beautiful view of the desert. The movie theatre has been remodeled and offers a great space for family movie nights. The back patio includes a private pool and spa, outdoor cook station and leads to the stairs of an upper level deck that you can enjoy 360 mountain views, gorgeous Arizona sunsets and star gazing. This home is also located in a quiet cul de sac & offers a 3 car garage with EV charger.
31527 N 174th Street
Rio Verde, AZ 85263
$2,000,000
5
Beds
4
Baths
4,102
SqFt
Status
Active
MLS #
6764599
Property Type
Single Family Residence
Price Type
--
Discover total privacy on 3 acres in the heart of the AZ desert. This luxurious home blends elegance with a rural lifestyle, featuring lavish decor & comfortable spaces. Enjoy unobstructed mountain views through expansive picture windows. The chef's kitchen boasts stunning metallic granite countertops, a Viking stove, & custom cherry cabinets. It includes double ovens, a wine chiller, & a cozy eat-in area that seamlessly connects to the great room. Impress your guests with an outdoor BBQ & relax next to the beautiful pool. The large patio offers a serene space to unwind & soak in the tranquility of the desert. In the evenings, retreat to the upper deck for views not found anywhere else. Bring your horses & your toys to enjoy miles of trails right, in your backyard.
855 S Tall Timber Trail
Parks, AZ 86018
$2,000,000
5
Beds
3.5
Baths
3,700
SqFt
Status
Active
MLS #
6766887
Property Type
Single Family Residence
Price Type
--
Main home is 3,700 sqft plus a separate Casita of 350 sqft a total of 4,050 sqft. Nestled on over 11 acres of pristine land surrounded by National Forrest, this exceptional one-of-a-kind home offers unparalleled privacy and breathtaking mountain views. Perched on a raised lot amidst towering pines, it provides complete seclusion while being just 20 minutes from town. Fully remodeled with meticulous attention to detail, the home boasts a stunning kitchen featuring semi-custom Thomasville soft-close cabinetry, a vibrant kitchen island, a 60-inch Italian Hallman gas range, and GE Profile stainless steel appliances. Plus an oversized walk-in pantry. Luxury is found throughout with heated floors, high-end shutters, modern light fixtures, high-efficiency windows, and custom Roman shades. The inviting great room, complete with a cozy fireplace and French doors, leads to the back patio, a charming sitting room, and a lavish ensuite with natural stone flooring, a soaking tub with a view, and walk-in closet. Upstairs, you'll find four generously sized bedrooms, each outfitted with blinds and ceiling fans for comfort. Outside, the property continues to impress with a barn that includes a studio apartment complete with a kitchenette and bathroom, plus a greenhouse for year-round gardening. This one-of-a-kind home combines luxury and nature, offering the ultimate retreat. Plus 14 security cameras covering the property including the interior and exterior barn/crawl space and garage! Hauled Water with a large 10,000 gallon tank and the Septic tank is oversized and fully serviced in 2021. This incredible property offers an abundance of amenities in an unbeatable location. Just 20 minutes from Flagstaff and a short drive to popular attractions like Snowbowl, the Grand Canyon, and Historic Route 66 in Williams, it's perfectly positioned for adventure. On-site, enjoy your own private sledding hill, fire pit, and a side-by-side track, while the property's three corrals and round pen make it ideal for horse lovers. You can also step right off the property onto hiking and horse riding trails in the national forest or explore over 300 miles of UTV trails.