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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3699 S Woodland Hills Drive
Flagstaff, AZ 86005
$6,995,000
5
Beds
5.5
Baths
5,900
SqFt
Status
Active
MLS #
6723410
Property Type
Single Family Residence
Price Type
--
Introducing the first one-of-a-kind custom residence from The Ranch Mine and Two Hawks Design and Development in the highly desirable Pine Canyon community. This extraordinary mountain contemporary estate can be found on the 5th hole of the renowned Jay Morrish golf course, with breathtaking golf and mountain views. With over 5,900 sf of living space this home features 5 beds, 5.5 baths, 2 bonus rooms and a 3 car garage. This custom residence showcases a truly thought-out floor plan with exceptional privacy and a functional layout, perfect for enternaning family and friends! The home's outdoor living is truly spectacular, enjoy breathtaking views and majestic sunsets from multiple patios. Optional 1,500 SF of bonus basement space available to build out (not included in the current price).
10755 E Stoney Lane
Scottsdale, AZ 85262
$6,995,000
4
Beds
6
Baths
5,812
SqFt
Status
Active
MLS #
6784219
Property Type
Single Family Residence
Price Type
--
Golf Membership Available- Contemporary Desert Oasis with Unmatched Panoramic Views nestled within Desert Mountain's most coveted enclave, the prestigious lakeside ''Gold Coast''. This modern masterpiece offers elevated Southern to Northwestern panoramic views, capturing the beauty of mountain ranges, vibrant sunsets, serene water features, golf courses, and vast starry night skies. Originally built in 1992 and impeccably remodeled by renowned Manship Homes from 2015 to 2019, this home was further enhanced in 2022 with the addition of a stylish guest casita or private office/den. The home's contemporary architecture is showcased through clean lines, sharp angles, and a masterful use of stone, wood, metal, and glass, creating a perfect balance of style and functionality. The open floor pla flows seamlessly, starting with the Great Room featuring a floor-level fireplace, an intimate office alcove, and a spacious dining area. At the heart of the home lies the chef's kitchen, bathed in natural light from six skylights. This kitchen is a haven for entertaining, featuring a generous island with bar seating, a temperature-controlled 240-bottle wine wall, and an adjacent den complete with a wet bar and cozy floor-level fireplace. Both living areas showcase expansive floor-to-ceiling sliding doors that invite the outdoors in, creating a harmonious blend of indoor and outdoor living. The split-floor plan ensures privacy for the luxurious primary suite, which impresses with a double-door entry, a dropped and illuminated ceiling detail, and a see-through fireplace connecting to the spa-inspired bath. The suite also includes a glass slider wall system opening to the patio. The spa bath features an oversized soaking tub with fireplace views, a picture window, double vanity with integrated sinks, a steam shower, and a spacious designer closet. From the primary suite, access the rooftop deck directly for a tranquil escape with unmatched views of the surrounding landscape. On the opposite side of the home, two beautifully designed guest ensuites offer serenity, each with double-door entries and modern ensuite baths featuring linear vanities and floor-level walk-in showers. One guest suite also enjoys patio access, enhancing the guest experience. Two additional powder baths, each with floating vanities, add convenience and elegance to the home's layout. The outdoor living space is a stunning visual showcase of Southwestern beauty, featuring a negative-edge pool with an in-pool spa, terraced hillside patios with conversation areas, sunning decks, an outdoor grilling station, and alfresco dining areas. A ground-level linear firepit and a walk-in snail outdoor shower complete the exquisite exterior amenities. The private entrance casita is a world of its own, equipped with a full kitchen, including bar seating with own refrigerator, freezer, microwave, cooktop, dishwasher, and laundry facilitiesmaking it ideal for long-term guests or a private office suite with living space and separate bedroom. Throughout the home, attention to detail is evident with custom contemporary slab cabinetry, oak plank and stone flooring, slab stone countertops with 4 mitered edges, Smart Home technology and a whole-home entertainment system elevate this property to the pinnacle of modern living. Positioned mid-mountain, this home offers easy access to all of Desert Mountain's world-class amenities, including seven golf courses, seven clubhouses, tennis and pickleball courts, over 20 miles of hiking trails bordering the Tonto National Forest, and a short distance to the back gate for convenient access to nearby towns. Experience unparalleled desert living in this one-of-a-kind retreat, where luxury, nature, and modern design converge in Desert Mountain's most distinguished address.
10938 E Wildcat Hill Road
Scottsdale, AZ 85262
$6,995,000
4
Beds
4.5
Baths
6,272
SqFt
Status
Active
MLS #
6672199
Property Type
Single Family Residence
Price Type
--
Pre-completion pricing! Construction is underway and the view will be even better than we thought it would be! Golf course lot with mountain views, still time to add your finishing touches! Images are intended to convey overall design direction for this home but final specifications are subject to change. Calvis Wyant Luxury Homes to provide up to date details.
4636 E Moonlight Way
Paradise Valley, AZ 85253
$6,995,000
7
Beds
6.5
Baths
9,066
SqFt
Status
Active
MLS #
6781732
Property Type
Single Family Residence
Price Type
--
Large Price Improvement! Unbeatable Value in PV at Just $771/Sq Ft! Welcome to your private hillside estate nestled in the prestigious Phoenix Mountain Preserve. This stunning home offers unparalleled panoramic views of the mountains, valley, and city lights, all while providing the perfect blend of luxury and comfort. With a generous price improvement, this home is one of the best values in Paradise Valley! This gorgeous residence comes fully furnished—down to the towels—offering a seamless move-in experience. Enjoy the freedom of living without the constraints of an HOA, allowing you to make this home your own sanctuary. Inside, the home is a masterpiece of design with beautiful Turkish Versailles travertine and hardwood flooring throughout. One of the standout features of this property is its seamless connection between indoor and outdoor spaces, making it perfect for entertaining or simply enjoying the serene surroundings. The chef's kitchen is a dream, equipped with stainless steel appliances, custom cabinetry, slab granite countertops, and a spectacular view of the rainforest waterfall that flows outside. It's a true culinary haven that also serves as a relaxing retreat. The primary suite is a true showstopper. Built in a rotunda design, the suite offers breathtaking 360-degree views of the mountains and city lightstruly a one-of-a-kind experience. Imagine waking up every morning to the beauty of nature and the city below. Picture yourself here, sipping your morning coffee as the sun rises over the mountains, with endless views in every direction. This home is an absolute must-see for those seeking both luxury and value in one of the most sought-after locations in the Valley. Don't miss out on this rare opportunity to own a magnificent estate in the heart of the Phoenix Mountain Preserve at a price that's hard to beat.
6112 E Quartz Mountain Road
Paradise Valley, AZ 85253
$6,995,000
6
Beds
9
Baths
9,372
SqFt
Status
Active
MLS #
6620435
Property Type
Single Family Residence
Price Type
--
PRICE REDUCED $1.5M! This exquisite single-level property offers a blend of luxury and sophistication. Featuring 6 bedrms + 8 bathrms spread across its expansive 9,372 sqft, it showcases breathtaking views of Mummy Mountain, McDowell Mountain, + city lights. The guest casita, complete with a living rm, kitchen, bedrm, + bathrm provides a private retreat for visitors. The main house features 5 ensuite bedrms, a gym, media rm, library, + flex rm ensuring a perfect balance of comfort + entertainment. The spacious chef's kitchen with large white quartzite island also features an additional full catering kitchen. Floor-to-ceiling windows + sliding pocket doors seamlessly merge indoor + outdoor living, while the zero-edge pool, spa, artificial turf + magnificent views create a resort-like oasi $1 MILLION PRICE REDUCTION!!!
9926 E Kemper Way
Scottsdale, AZ 85255
$6,995,000
4
Beds
5
Baths
6,649
SqFt
Status
Active
MLS #
6704911
Property Type
Single Family Residence
Price Type
--
Welcome to Silverleaf Arcadia's European inspired masterpiece home situated at the top of the cul de sac and surrounded by lush park like landscaping featuring 4 bedrooms and 5 bathrooms. The ideal layout for entertaining, with soaring 20 foot+ ceilings, a large great room open to the gourmet kitchen featuring both a breakfast room and formal dining plus a butlers pantry. The main level owners suite features a beautiful fireplace, and a large bathroom with his and hers vanities plus a walk in closet with custom cabinetry. Upstairs features 2 bedrooms, 2 bathrooms a game room and movie room plus fabulous oversized patio with beautiful mountain and sunset views. The guest casita has a fabulous private entry, beautiful kitchen and living room plus two large guest bedrooms. Plus a Brand new laundry/craft room with amazing storage and island. Step outside to a beautiful outdoor patio with large fireplace and outdoor kitchen. The sparkling pool with spa and water feature add beauty and the hidden wall of fire behind the pool dazzle for evening entertaining. Plus a splash pad for days the kids or pups want to Cool off and play. The park like back yard offers several patios with private water features and more incredible views.
10101 E Happy Valley Road
Scottsdale, AZ 85255
$6,995,000
4
Beds
5
Baths
5,825
SqFt
Status
Active
MLS #
6789136
Property Type
Single Family Residence
Price Type
--
It's finally here, a modern home, with a dream garage, large lot, Owned Solar and NO HOA. Minutes to everything that is North Scottsdale, this modern, glass masterpiece is just waiting for its new owner. Every room has staggering views. You'll enjoy Pinnacle Peak, Troon Mountain and a wide view of City lights, complete with firework shows to the South. The Showcase Garage is the car collector's fantasy that you deserve, with views of big sunsets and sunrise through the glass wall. There is also a spacious 2 car, daily use garage that is tall to accommodate lifts adjacent to 300sf of storage rooms to keep the clutter at bay. The striking water display, surrounding the home sets the tone from the first step that this home is a peaceful, private, special place. The lighted water feature culminates in a small pool for in water chaise lounges and soaking. There is plenty of room for a larger pool to be added where the turf is. Owned Solar and efficient construction gives you control of your costs. Sellers can share plans for a convenient guest house with its own garage as well. Landscaping of the road frontage is to be completed by the city shortly.
4350 N Jokake Drive
Scottsdale, AZ 85251
$6,960,000
5
Beds
5.5
Baths
6,750
SqFt
Status
Active
MLS #
6716654
Property Type
Single Family Residence
Price Type
--
This is a very special home created by long time Arcadia builders Mike and Kim Krogh. The lush acre plus lot is one of the best in the neighborhood with exceptional curb appeal and a backyard that is the depth of an actual football field with a new pickle ball court and adjacent shaded ramada to relax under between games. Every surface in the home is brand new, and the modern architecture perfectly combines elegance and comfort with clean lines and fresh finishes at every turn. The neutral palette and perfectly placed splash of color create organic beauty and a truly serene vibe. The double island kitchen is exquisite, the living spaces are exceptional, all the bedrooms and baths are beautiful and the unique designer finishes include wood flooring, artistic tile, marble, quartz, wood
26761 N 98th Way
Scottsdale, AZ 85262
$6,950,000
4
Beds
5
Baths
7,106
SqFt
Status
Active
MLS #
6665458
Property Type
Single Family Residence
Price Type
--
An extraordinary property nestled just under Pinnacle Peak on the highest lot in Estancia * A exceptional example of tradition, charm & elegance designed by Jeff Biever and built by Bob Byrd * Split floor plan with a large master suite that includes a sitting area and office * Beautifully landscaped hillside setting with a negative edge pool that spills toward spectacular city light, mountain and golf course views * Interior details and materials include travertine and flagstone flooring, granite and marble surfaces and hand-carved doors and cabinetry * A separate entrance guest house with kitchenette completes the residence *
5400 E Valle Vista Road Unit 6
Phoenix, AZ 85018
$6,950,000
5
Beds
6.5
Baths
10,519
SqFt
Status
Active
MLS #
6765140
Property Type
Single Family Residence
Price Type
--
Highest Home on the south of Camelback with spectacular vistas. Very private gated estate sits on almost 3.5 acres. 10,500+ sf of living, 7 car garage, 12,000+ sf patios with magnificent views floating over Phx & Scottsdale. Main house includes huge master suite, gym, theatre room, wine cellar, billiards rooms, office & 2 very large private guest suites. Negative edge pool & hot tub, BBQ, perfect for entertaining. 2B/2BA Guest home large w/living room & full kitchen. Property also has an art studio, workshop, & storage. An opportunity to do a light remodel but value is in the land. Build a trophy estate on Camelback with the city allowing 37,000+ sf of lot disturbance and little to no pad prep to build the ultimate estate.
6717 E Solano Drive
Paradise Valley, AZ 85253
$6,950,000
4
Beds
5.5
Baths
6,425
SqFt
Status
Active
MLS #
6784399
Property Type
Single Family Residence
Price Type
--
This beautiful home of almost 7000 sq ft located in the heart of Paradise Valley, is an entertainers delight. In 2022 with the addition of over 3000 sq feet to the original homes footprint, the design team at Legacy Remodeling have created an exceptional home that boast both luxury and comfort. As you enter the home you are greeted by a beautiful outdoor courtyard with a fireplace and water feature both imported from France. No detail has been overlooked in this stunning kitchen with butler pantry. From the Wolfe, Cove and Subzero appliances to the bookmatched quartzite countertops, this dream kitchen has it all. The formal dining room located off the kitchen has wall to wall sliders on 2 sides of the room that open all the way to give you the feeling of dining al fresco. Take the elevator or stairs to the primary suite, with a balcony and gorgeous views of Camelback Mountain and the infamous Praying Monk. The primary bathroom has a washer and dryer conveniently located so no need to bring laundry up and down. The oversized steam shower is the highlight of the bathroom. The original homes footprint has 2 bedrooms along with a very large family room with a wood burning fireplace and game room. A new wine room was built with glass doors and a high top table to entertain your friends and family. The home also has a greenhouse room for indoor gardening. The backyard has a large outdoor cooking area and bar with plenty of seating. There is a putting green, pool and a ramada with an outdoor fireplace along with another gas firepit with bench seating around it. Enjoy the stunning views of Camelback Mountain and the beautiful Arizona sunsets while outdoors in this relaxing and serene backyard.
1875 E Dragonshead Road
Rimrock, AZ 86335
$6,900,000
2
Beds
1
Bath
2,526
SqFt
Status
Active
MLS #
6756667
Property Type
Single Family Residence
Price Type
--
The spectacular Dyck Ranch is one of the largest privately held properties in central Arizona's stunning Verde Valley. It is 314 acres of endless opportunities, with over a mile and a half of Wet Beaver Creek running through it year round and 22 acres of irrigated farm land with grandfathered water rights. There are 3 wells (including an agricultural well for field irrigation) and a 2500 sf limestone, 2 bedroom residence originally built in 1959 and remodeled in 2010 to be a stunning studio space with 18 ft ceilings and floor-to-ceiling windows overlooking a well fed pond ringed with mature trees. The ranch sees extensive wildlife and backs up to Coconino NFS and the Montezuma Castle National Monument. It even hosts its own cliff dwelling archeological site and a suspension footbridge. A 100 miles from Phoenix, 50 miles from Flagstaff and 20 miles from Sedona, the old Dyck Ranch sits at a temperate 3500 ft in elevation. The varied topography offers mesas, gently sloping hillsides, and rocky outcrops overlooking an extensive riparian environment, pastures and irrigated fields. There are numerous potential building sites available for buyers looking to develop and acres and acres of space from the neighbors for buyers looking for privacy. Originally owned by renowned Western artist Paul Dyck for over 65 years, the property has supported cattle and horses, as well alfalfa and hay production over the years and now boasts a solar array with batteries designed to allow the ranch to function off-grid if desired. This quintessential Western ranch and secluded artist retreat is looking to you for the next stage in its existence, be it as private ranch, a retreat center, a sustainable family farm, an equestrian facility, a vineyard/winery, a luxury eco-resort, a wedding/event venue, or an entirely new subdivision of luxury homesthis land is ready for just about anything you can think of.