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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14930 W El Cortez Place
Surprise, AZ 85387
$1,088,800
4
Beds
3.5
Baths
3,488
SqFt
Status
Active
MLS #
6783171
Property Type
Single Family Residence
Price Type
--
Welcome to your dream home! A new open concept custom home that has never been occupied. As you enter, you'll be greeted by soaring 15 ft high ceilings in the living room and dining room, perfect for entertaining guests or enjoying cozy evenings by the 90-inch fireplace. The heart of this home lies in the kitchen with state-of-the-art appliances, massive 6x8 ft stainless steel refrigerator with ice maker and water dispenser, spacious walk-in pantry, wine cooler, pot filler, microwave wall oven combo and a remarkable 6x9 ft waterfall edge island that seamlessly integrates style and functionality. Retreat to the sanctuary of the master suite, complete with a double sink, private toilet room, walk-in rain shower and separate tub, fireplace, and a huge walk-in closet Each of the bedrooms boasts 10 ft high ceilings and large walk-in closets, ensuring comfort and convenience for every member of the family. Step outside through the slider doors to the patio, where indoor-outdoor living reaches new heights. Host unforgettable gatherings around the barbecue grill, or simply unwind and admire the mountain views with ceiling fans to keep you comfortable. Additional features include quartz countertops throughout the house, 8 ft high doors, ceiling fans for year-round comfort, 3-car garage with circular driveway, 8 ft high garage doors, pre-wired with EV charging capability and the perfect touch of elegance with a second fireplace in the living room. Tile plank flooring & upgraded window coverings add the perfect finishing touches. The home is pre-plumbed for a water softener. Water circulation plumb that provides instant hot water. 2x6 ft wood framing with spray foam insulation which can save utilities up to 50% compared with standard insulation!
40122 N Hickok Trail
Phoenix, AZ 85086
$1,086,000
5
Beds
4
Baths
4,408
SqFt
Status
Active Under Contract
MLS #
6755814
Property Type
Single Family Residence
Price Type
--
Winner Best Home on Tour! Welcome to the epitome of luxury living in the award-winning Anthem community! This stunning residence spans 4,408 square feet of meticulously upgraded space, set on a rare oversized lot of 16,615 square feet. Step into a true oasis as you explore the resort-style backyard, complete with a sparkling pool and spa, a sprawling ramada with a built-in BBQ grill, and a cozy gas fire pit. Imagine hosting gatherings with friends and family against the backdrop of this picturesque outdoor haven, which also includes a kids entertaining trampoline and ample space for all your outdoor activities. Inside, this home boasts over $250,000 in recent upgrades, showcasing a fully equipped gourmet kitchen that has been tastefully remodeled
42011 N Alistair Way
Anthem, AZ 85086
$1,086,000
4
Beds
3.5
Baths
3,290
SqFt
Status
Active
MLS #
6782058
Property Type
Single Family Residence
Price Type
--
This grand home has been updated to the current contemporary design! Updated kitchen and baths with quartz counters, updated lighting and hardware, new flooring throughout, 12 foot ceilings, grand hallways, gas fireplace, 2 updated TRANE HVAC systems with Honeywell dampening system that creates 4 zones to give you more control over your electric bill. 3 car garage with epoxy flooring. Updated water heater, Updated pool heater. Backyard pool/spa, built in grill, fireplace with built in seating and bar top areas, synthetic grass. Has some mountain views! All on a large lot in Anthem Country Club. FINALLY...a true opportunity to own a WOW VIEW property in Anthem Country Club for the most discerning Buyer! This home and it current updates will blow your socks off! Heated spa and pool, built-in BBQ island, gas fireplace on extended patios. Gourmet Chef's Kitchen boasts stainless appliances, gas cooktop, wall ovens, warming drawer, quartz counters, custom beverage center and large island. Stunning master bath with dual vanities, walk-in shower and separate soaking tub plus walk-in closet. Master has separate exit to private patio and all the backyard activities. Every bedroom has an en suite full bath. Country Club Lifestyle with Resort Style Amenities...Anthem Country Club is managed by Club Corp which offers many great benefits to members that reciprocate around the world! Two 18 hole golf courses, Persimmons and Ironwood, designed by Greg Nash. 2 Pro shops, 2 sets of men's and women's lounges / locker rooms, 2 member restaurants, 2 gyms, 2 pools, 2 spas, several tennis courts, Gorgeous Ball Room for ongoing Member events and private events venues available as well, 2 Impressive guard gated entrances, all surrounded by breathtaking mountain and golf course views...you will love being a member of the Anthem Golf & Country Club!
32631 N 66th Street
Cave Creek, AZ 85331
$1,085,000
4
Beds
2.5
Baths
2,727
SqFt
Status
Active
MLS #
6766626
Property Type
Single Family Residence
Price Type
--
This is the one you've been waiting for. Private, peaceful natural setting boasts 2 car attached and 4 car detached garage with bathroom, NO HOA, City Water and low County Island taxes. There's even more, a dedicated RV clean out septic system and extra room for your toys. Bonus Family Room adds to the charm of this territorial style home. 4 bedrooms, 2.5 bathrooms with classic wood burning fireplace and heated salt water pool. Wide open acre+ lot has endless possibilities for a Casita or ADU. Charming Cave Creek and Carefree are nearby for excellent dining and shopping, freeway access gets you into the city or airport with ease. You deserve all of the amenities you have been searching for. Welcome Home!
5681 W Abraham Lane
Glendale, AZ 85308
$1,085,000
4
Beds
3
Baths
3,023
SqFt
Status
Active
MLS #
6743499
Property Type
Single Family Residence
Price Type
--
In the much sought-after Arrowhead Lakes subdivision and backing up to an Arnold Palmer designed golf course The Legends at Arrowhead Ranch Golf Course. This house overlooks the Pro Tee Box of the 15th Hole as well as the rolling hills and lake of the golf course. Mohawk wood laminate flooring throughout except carpet on the stairwell and Slate tile at entry, kitchen. High vaulted ceilings. Master and BR2 on main. Island kitchen with Whirlpool stainless appliances (Kitchen Aide Refrigerator with matching oak cabinet door fronts). Living room with panoramic golf and lake views. Balcony off Kitchen and Master access points overlooking golf course. Downstairs: 2 bedrooms; a full bath; Laundry; Family room with fireplace and entertainers wet bar. Short term rental permissible.
28848 W Grand Avenue
Wittmann, AZ 85361
$1,080,000
5
Beds
3
Baths
3,504
SqFt
Status
Active
MLS #
6740023
Property Type
Single Family Residence
Price Type
--
Welcome to 28848 W Grand Ave, Wittmann, AZ 85361! This charming property is a perfect blend of rural tranquility and modern convenience. Set on an expansive lot, this home offers ample space for all your outdoor activities and creative landscaping ideas. Enjoy the comfort of a well-designed layout featuring 5 bedrooms and 3 bathrooms, perfect for family living or hosting guests. The kitchen is equipped with stainless steel appliances, making meal preparation a delight. The property boasts a generous yard, ideal for gardening, entertaining, or simply relaxing under the Arizona sky. There's also plenty of room for RV parking or other recreational vehicles. Situated in the peaceful community of Wittmann, you'll experience the best of both worlds—serene country living with easy acces s to nearby amenities and major roadways. Whether you're looking for a family home or a peaceful retreat, 28848 W Grand Ave offers a unique opportunity to enjoy the best of Arizona living. Don't miss out on making this beautiful property your own!
19326 E Silver Creek Lane
Queen Creek, AZ 85142
$1,080,000
4
Beds
3
Baths
3,240
SqFt
Status
Active
MLS #
6704221
Property Type
Single Family Residence
Price Type
--
*MOTIVATED SELLER!* Welcome Home! Discover the spacious 4-bedroom, 3-bathroom residence nestled on nearly an acre of lush land. This property is a hidden oasis in the city, with numerous upgrades and offering the perfect setting for entertaining. With 3,240 square feet of living space, there's room for everyone to enjoy their own private retreat. The split floor plan features vaulted ceilings and large windows in every room, framing picturesque views of the private courtyard. Surrounded by mature palms, assorted trees, and blooming shrubs, the outdoor space includes a serene desert pool with a cascading waterfall, a relaxing jacuzzi, and a charming paver patio. Revel in the stunning 180-degree vistas of the backyard, creating a peaceful retreat that feels worlds away from the urban bustle Updates include a new roof installed in 2023, connection to city sewer in 2024, fresh interior and exterior paint, and all-new custom-tiled bathrooms featuring walk-in showers. The addition of a new walk-in master closet enhances the convenience and luxury of the home. Enjoy the elegant wood tile flooring throughout most areas, while the east bedrooms have been upgraded with plush new carpeting. The property also boasts a spacious 3-car garage with an additional workroom for added functionality. Ample room on the east side of the estate allows for the potential addition of an RV space or expansive workshop, catering to various lifestyle needs.
48515 N 13th Avenue
New River, AZ 85087
$1,080,000
4
Beds
3.5
Baths
3,065
SqFt
Status
Active
MLS #
6747472
Property Type
Single Family Residence
Price Type
--
End Lot on Acre+ Property backs up to State Land for Incredible Unobstructed Views. 4 BD 3.5 BA, high quality semi-custom home. Oversize 3 car garage, 8' doors. No HOA, oversized iron front door, pavers, large kitchen island with quartz counter tops and Knotty Birch Tahoe Ash Cabinets throughout. All bedrooms have walk-in closets. Master bath has shower, standalone tub and double sinks. 8' doors throughout. Energy efficient. SubZero 48'' built in fridge Wolf gas range and microwave. Upgraded lighting and ceiling fans. Adobe Home Surround. Upgraded designer tile. Crystal whole home water system. Storage cabinets in garage. Upgraded window coverings. Re-engineered and excavated entire lot with permits. Installed landscape rock and drains, perimeter view fencing in rear yard, Iron Gates and
15035 E Tequesta Court
Fountain Hills, AZ 85268
$1,079,900
4
Beds
2.5
Baths
3,002
SqFt
Status
Active
MLS #
6756606
Property Type
Single Family Residence
Price Type
--
Welcome to your dream home in the prestigious North Heights Community! Nestled on a serene cul-de-sac lot, this expansive single-story residence offers breathtaking views and a meticulously designed split floor plan. Spanning 3,002 square feet, this home features 4 bedrooms, 2.5 bathrooms, and a convenient side-load 2-car garage. The heart of the home is the gourmet kitchen, complete with a large island, stainless steel appliances, and dual ovens—perfect for both everyday living and hosting. The primary bedroom is a true retreat, boasting vaulted ceilings, an ensuite bath with dual sink vanities, an oversized tub, a separate shower, and a spacious walk-in closet. There's your private backyard oasis, where you'll find a sparkling Pebble Tec pool with a tranquil waterfall, a covered... patio for relaxation, and plenty of space to enjoy the stunning surroundings. This home combines luxury, comfort, and privacy in a highly desirable location. Don't miss your opportunity to make it yours!
2614 W Languid Lane
Phoenix, AZ 85086
$1,079,000
4
Beds
3
Baths
3,520
SqFt
Status
Active
MLS #
6775040
Property Type
Single Family Residence
Price Type
--
Welcome home to your tranquil retreat! Experience 270-degree breathtaking mountain views from this magnificent hilltop estate. A private pavered courtyard and custom iron and glass door create a grand entrance. Step inside to a stunning rotunda foyer with custom tile inlay. The formal living room features a central gas fireplace, surrounded by custom cabinetry and recessed lighting. Shuttered windows allow for adjustable ambiance throughout. The elegant dining room, enhanced by a candelabra chandelier, offers close mountain views, with a convenient Butler's Pantry nearby. The gourmet kitchen boasts granite countertops, Bosch & Jenn-Air appliances, and a central island, seamlessly connecting to the family room and breakfast area. Tumbled travertine and wood floors accent the cherry cabinetry in the great room. The master suite, featuring a spacious his & her walk-in closets, includes private access to the covered patio, pool, and spa. The backyard is perfect for entertaining with an outdoor BBQ, island bar, and gas firepit. Owned solar panels and a new 21 SEER HVAC system add efficiency. Pride of ownership is evident throughout this exceptional residence. This exclusive community offers a wealth of amenities for an active lifestyle, including a resort-style pool, a sand volleyball court, a community park, a basketball court, and tennis courts. Whether enjoying a sunny day at the pool or playing a game of tennis with friends, this community enhances the best of Arizona living. Stunning sunsets and starry skies complete the serene environment, making every day a getaway.
3331 N 63rd Street
Scottsdale, AZ 85251
$1,079,000
4
Beds
3
Baths
2,010
SqFt
Status
Active
MLS #
6746946
Property Type
Single Family Residence
Price Type
--
Welcome to this beautifully remodeled home nestled in the desirable Arcadia Lite neighborhood with NO HOA. This single-level gem offers 4 spacious bedrooms, 3 modern bathrooms, and just over 2,000 square feet of comfortable living space. Step inside to discover a fresh, contemporary interior with upgraded finishes, and an open-concept layout that's perfect for both relaxing and entertaining. The home boasts a brand-new roof, ensuring peace of mind, while the refinished pool in the private backyard invites you to enjoy Arizona's sunshine year-round. This home is in a prime location, just minutes from the vibrant dining, shopping, and nightlife of Old Town Scottsdale, making it an exceptional Airbnb... investment opportunity. Whether you're looking for a full-time residence or a vacation rental, this property offers the perfect blend of charm, comfort, and convenience. Don't miss your chance to own a piece of Arcadia Lite!
17952 E Cindercone Road
Rio Verde, AZ 85263
$1,079,000
3
Beds
3.5
Baths
2,693
SqFt
Status
Active Under Contract
MLS #
6660806
Property Type
Single Family Residence
Price Type
--
Nestled within the exclusive golf community of Trilogy at Verde River, this luxury haven epitomizes refined living. This Latigo model offers over 220k in upgrades and unveils 3 total bedrooms, 3.5 bathrooms, a den/office, and the casita has a private entrance from the front courtyard. Situated on an expansive 8,802 sq ft lot, revel in the luxury of an oversized yard boasting a spa with breathtaking mountain views. Step into elegance as hardwood floors and neutral wall tones create a timeless backdrop, complemented by numerous upgrades throughout. The kitchen is a culinary masterpiece, boasting granite countertops, staggered cabinets, stainless steel appliances, and a spacious island with a breakfast bar. The great room is beautiful with a striking mountain view and an abundance of natural light, creating a warm and inviting atmosphere. The primary suite is a spacious retreat featuring recessed canned lighting, a ceiling fan, and a spa-like ensuite with a dual sink vanity, a separate fully tiled shower, a soaking tub, and a walk-in closet. The den/office is finished with a built-in bookcase and French glass doors. Bedroom 2 is equally luxurious with recessed canned lighting and an ensuite bathroom. The casita, accessible through a private entry, is a guest's haven, offering a bedroom, a small refrigerator, built-in cabinets, a walk-in closet, and an ensuite bathroom. The backyard is a dream, boasting unbeatable mountain views from the spa. The covered patio is an ideal spot for dining with a view, creating a picturesque setting. The garage is temperature controlled, has epoxy floors, built-in storage cabinets, and overhead storage rack. Don't miss the opportunity to own this gorgeous home, where luxury meets unparalleled beauty in Trilogy at Verde River. Furniture available on a seperate bill of sale. The amenities at Verde River are World Class with Tom Lehman inspired eighteen-hole Golf course, tennis courts, pickleball courts, and bocce ball, heated lap pool and Resort style swimming pool, hot tub, Afterburn fitness center, Helen's demonstration Kitchen for cooking classes and a 7.5 acre dog park. The community center has casual poolside dining at Eddy's Diner and gourmet dining at award-winning Needle Rock Kitchen and Tap, Alvea Spa with full-service Salon and Spa amenities, Art Loft and events center. Trilogy at Verde River is adjacent to the Tonto National Forest and is situated in the middle of miles and miles of hiking and biking trails.