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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19643 E Estrella Road
Queen Creek, AZ 85142
$1,004,995
3
Beds
3.5
Baths
3,190
SqFt
Status
Active
MLS #
6730616
Property Type
Single Family Residence
Price Type
--
Entertaining is easy in the ranch-style Harley plan, which boasts a well-appointed kitchen with a walk-in pantry, center island and breakfast nook, and an adjacent great room overlooking a relaxing covered patio. You will also find a quiet study, and a spacious primary suite with attached bath and walk-in closet is separated from two additional bedrooms for privacy. Both a 2-car garage and an RV garage are included. Lot size is 18,119 and includes double gates on both sides of the property.
8655 N Prescott Ridge Road
Prescott Valley, AZ 86315
$1,000,200
3
Beds
3
Baths
2,913
SqFt
Status
Active
MLS #
6701781
Property Type
Single Family Residence
Price Type
--
Stunning Custom Home! Experience luxury living in this beautiful custom home located just outside of Prescott Valley, with breathtaking views of the Mingus Mountains to the east. Perfect for outdoor enthusiasts, the area offers numerous trails and riding areas. Gourmet Kitchen. Featuring custom cabinets, granite countertops, and a walk-in pantry, the kitchen is designed with gas appliances, making it a chef's dream. The home includes 3/beds an office, and walk-in closets, providing ample space for comfort and storage. The great room boasts large windows that showcase the amazing views and a cozy gas fireplace for those cooler evenings. The property is completely fenced with durable pipe fencing.
1207 W Roadrunner Street
Wickenburg, AZ 85390
$1,000,000
3
Beds
2.5
Baths
2,280
SqFt
Status
Active
MLS #
6665743
Property Type
Single Family Residence
Price Type
--
If you are looking for an amazing property nestled in a tranquil neighborhood with breathtaking views, 3.6 acres, and a NEWLY constructed home, this could be your next investment. Completed in Nov. of 2023, this stunning 2280 sq. ft. home with 3 bedrooms(2 split main suite bdrms), 2 bathrooms, a powder room, AND offers outdoor entertainment with 1310 sq. ft. of covered patios optimizing seasonal and daily use. Step inside and be awed by the 12' ceiling and spacious great room, enhanced by a stunning stained-glass window and beehive fireplace. Prepare gourmet meals in an efficient and custom kitchen with impressive, upgraded cabinets, beautiful granite island and counters, stainless steel appliances, complete with pantry. The contemporary and custom build embellishes a southwest flair. ALL BEDROOMS offer individual patio access. The oversized primary suite has ceiling vegas and a luxurious ensuite featuring a clawfoot tub, an oversized walk-in natural stone shower, with double shower heads. The guest suite provides comfort and class with a double sink granite vanity, shower, and walk-in closet. Additionally, there is a beautiful office/third bedroom. The extended three-car garage fits vehicles comfortably. There are two separate RV plugs on the property. One has a covered RV shade with parking, a 30 amp and electric plug with full hook-up. An additional 30 amp plug and space to park an RV is located by the well. The well is private and only services this home. Completing this property are horse amenities including partial steel coral, large fenced pasture with room for a small arena. There is a waterline run to the corral and arena area. There's multiple options to customize your wants and needs and ride directly from the property out to our beautiful desert, making this an ideal equestrian property. Although, this home is set up for horses, outdoor enthusiasts can customize this property for WHATEVER hobbies and activities you enjoy! Customize to YOUR NEEDS and enjoy this little slice of paradise. Pictures do not do this listing justice. Call us now to personally view and experience this peaceful and exciting property!
26607 N Avenida Del Ray --
Rio Verde, AZ 85263
$1,000,000
3
Beds
3
Baths
2,864
SqFt
Status
Active
MLS #
6762602
Property Type
Single Family Residence
Price Type
--
Saluto di Benvenuto and Welcome to Casa Incantevole; an enchanting and mesmerizing example of luxury living in Arizona. Just 15 miles north of Scottsdale in the premier community of Rio Verde Country Club, this custom home was built with style, class, and entertainment at its heart. Custom design features fill the home from end-to-end and start with gorgeous double iron doors, vineyard art installation and an inviting courtyard leading to the foyer. The family room is the heart of the home with large picture windows, luxurious floor-to-ceiling fireplace, fresh paint and new STAINMASTER® carpet for comfort and warmth. The personal and custom artwork throughout are one-of-a-kind masterpieces by famed Hollywood Artist and Set Designer, Frank Marquette. Imagine endless conversations with breath-taking mountain views of the 4Peaks from the expansive outdoor patio. Entertain your guests in style while you prepare a meal in a custom built-in BBQ and kitchen. Enjoy your efforts and dine al fresco and family-style with a permanent precast table to break bread. After dinner stargaze into the night sky and by the warmth of the fireplace that was inspired by Lord of the Rings or walk upstairs to the observation deck to watch the sunset. Inside the kitchen you will find beautiful cabinetry with pullout drawers, thick rich granite countertops, ambient lighting, a buffet counter, and wine fridge. Retreat to your primary bedroom filled with light and with its own sitting room, double vanities, walk-in shower, and a custom walk-in closet that will be the envy of all. The home has 2864 square feet of living space with 2 additional bedrooms: one suite with its own bathroom, back-light quartz, custom-cut granite shower, walk-in closet and a separate entrance. The third bedroom is currently set up as an office with a built-in desk and hutch. The room can be converted into a third suite with its own bathroom and entrance as well. It may be hard to leave your sanctuary, and when you do, the endless amenities are right at your fingertips. Take a quick ride in your golf cart down to the driving range or invite friends for a round of world-class golf. The clubhouse, restaurant, swimming pool/spa. tennis and pickleball courts serve as just a few of the options for residents. Bartlett Lake, the McDowell Mountain Park and the Four Peaks Wilderness and are just minutes away to satisfy all our outdoor cravings. This truly unique home was built with love and is ready to go to its next owner. Don't miss out on this opportunity and come take a tour of the best Rio Verde has to offer!
42272 E Black Bear Trail
Florence, AZ 85132
$1,000,000
4
Beds
2.5
Baths
2,055
SqFt
Status
Active
MLS #
6619064
Property Type
Single Family Residence
Price Type
--
Nestled in the Sonoran Desert, Black Bear Trail Ranch is an off-grid oasis. 2,750 feet above sea level on 5.64 acres, adjoining state trust land. Panoramic views of mountains, city lights & starry skies from this 2,055 sq.ft home with 4 beds, 2.5 baths. Features include a 7.2 KW solar system, battery storage, backup generator, independent 1.3 KW solar well, and a 3,000-gallon water tank. Interiors showcase walnut cabinetry, brushed granite countertops, matte black appliances, solid core doors and wood-look tile. Designed for energy efficiency.. 2x6 construction, foam insulation, LED lighting & appliances chosen for their energy efficiency. Plenty of parking two-car garage plus a 50x50x16 ft. RV structure. Property is fully fenced, come make this off-grid paradise your forever home.
31586 N 126th Avenue
Peoria, AZ 85383
$1,000,000
4
Beds
3
Baths
3,658
SqFt
Status
Active
MLS #
6747797
Property Type
Single Family Residence
Price Type
--
Welcome to your dream home in beautiful North Peoria, where luxury meets functionality! This stunning property boasts a spacious floorplan featuring 4 bedrooms, a den, a bonus room, and 3 full baths, all situated on a generous 12,000 sq ft lot. The gourmet chef's kitchen is a highlight, equipped with top-of-the-line GE Monogram appliances, including a 6-burner range with griddle and overhead heat lamps, a double oven, roll-out shelves, a walk-in pantry, and a butler's pantry complete with a beverage cooler. Elegant touches abound, from the custom glass-paneled doors in the den to the plantation shutters throughout the home, offering both beauty and privacy. The versatile bonus room features built-in cabinets, a sink, a wine fridge, and a microwave, all outfitted with Frigidaire appliances making it perfect for entertaining. Step outside to discover your private oasis, featuring a sparkling pool with a tranquil water feature, an extended patio for gatherings, a putting green, and low-maintenance synthetic turf for year-round enjoyment. The vibrant Mystic Community Center enhances the appeal, offering a heated infinity-edge pool, a playground, and walking trails, along with a new city park that will include pickleball courts. The community center hosts monthly get-togethers, ranging from food truck events and dive-in movies to paint parties, concerts, and holiday celebrations, ensuring there's always something fun to enjoy. Located just 15 minutes from 9 public golf courses and only 5 minutes from the new Fry's grocery store set to open on November 6, you'll also enjoy convenient access to upcoming high-end retail and dining options at Five North, along with additional shopping and restaurant areas that are breaking ground nearby. The proximity to the American Leadership Academy (ALA), a K-12 charter school opening in Fall 2025, adds to the home's desirability. Tucked away in a serene part of the community with no two-story homes around, this property combines tranquility with easy access to all the excitement North Peoria has to offer. Don't miss your chance to make this exceptional home yours!
20815 E Squaw Valley Road
Black Canyon City, AZ 85324
$1,000,000
4
Beds
3
Baths
2,815
SqFt
Status
Active
MLS #
6720167
Property Type
Single Family Residence
Price Type
--
THE MOST EXCLUSIVE & PRIVATE EQUESTRIAN ESTATE IN BLACK CANYON CITY, W CITY WATER. A truly stunning custom home w 5 acres of fully fenced horse property. 9,000sf of pavers lead you up to this estate overlooking breathtaking and majestic mountain views. A Chef's kitchen with raised panel solid alder cabinets, Wolf induction stovetop w pot filler, triple deep sink, Meile dishwasher & a Beautiful kitchen island w bar seating is ideal for entertaining. An open floor plan w architectural tray ceilings, stacked stone fireplace & panoramic viewing windows flank this well designed & quality built estate. Outside you'll find a wraparound covered patio, refreshing play pool & built in BBQ area that allows you to take in the dramatic sunsets & awe-inspiring views from every direction. A 3 stall mare motel is plumbed for auto water, a 160x171' turn out, also incl a tack shed, raised garden beds, chicken coop w sep timed water system, Parking pad for tractor/trailer or RV. Still room to develop more. Also a split-able parcel with well-built drainage system. Either way, don't miss out on this opportunity to live the life of your dreams!
15220 E Redrock Drive
Fountain Hills, AZ 85268
$1,000,000
3
Beds
2.5
Baths
2,546
SqFt
Status
Active
MLS #
6714722
Property Type
Single Family Residence
Price Type
--
NEW ROOF with 15 YEAR WARRANTY! This premium, interior view lot in the gated community of Westridge Village in Fountain Hills offers privacy with stunning views, backing onto a beautifully manicured, expansive greenbelt area. The 2550 sq ft single story, move in ready home has 3 bedrooms, 2.5 baths, with the 3rd bedroom offering flexible living space for an office or craft room. This backyard oasis features a sparkling heated pool with cascading rock waterfalls. Enjoy outdoor entertaining with multiple seating areas, a built-in BBQ island, and cozy fireplace. View fencing and mature landscaping augment tranquil relaxation. RECENT UPDATES: NEW ROOF WITH 15 YEAR WARRANTY Oak cabinetry refinished to a creamy white in the kitchen and bathrooms Refrigerator replaced last year; brand new stainless oven, dishwasher and microwave New faucet, sink and vanity in powder room Updated hardware throughout home Interior neutral paint including all walls & ceilings Waterfall motor replaced 2024 Rheem heater 2022 Pebbletech resurfacing 2022 New pool water filtration system 2023
5250 E Deer Valley Drive Unit 257
Phoenix, AZ 85054
$1,000,000
2
Beds
2.5
Baths
1,781
SqFt
Status
Active
MLS #
6750529
Property Type
Apartment
Price Type
--
RESORT STYLE LIVING with HIGH STREET shopping & dining right across the street. Well appointed DIOR MODEL with gorgeous gourmet kitchen. All BOSCHE appliances; dbl ovenS, microwave drawer, gas cooktop, hood, and refrigerator. Warm khaki-colored cabinets thr/out. Arabesque tile backsplash. Subway glass herringbone patterned fireplace & media wall. Barn door to office space. Spacious laundry room & half bath. 2 master bedrooms. Roomy balcony/patio w/outdoor kitchen. 2C parking stalls, large storage unit & surface parking for guests. Gated and guarded community. Smart Technology. Luxe at Desert Ridge Onsite Amenities; ACCESS TO 5 POOLS, fitness center w/top of the line equipment, infra-red sauna, locker room w/ showers, business ctr, beautiful clubhouse for entertaining w/oversized kitchen ACCESS TO 5 POOLS. Clubhouse with chef's kitchen, theatre room, private conference center, dining room for private dinner parties, lap pool/resort style pools, large fitness with top of line equipment, infra-red sauna, locker rooms & yoga studio. Member Services for owners needs & events. Walkability to dining, shopping, golf, comedy and easy access to freeway. HOA covers all amenities at both the Luxe & Toscana communities, trash/recycle, gas, internet, smart technology, water with centralized water softener system.
10304 E Seismic Avenue
Mesa, AZ 85212
$1,000,000
6
Beds
4.5
Baths
5,135
SqFt
Status
Active
MLS #
6774546
Property Type
Single Family Residence
Price Type
--
This beautifully upgraded home boasts high-end finishes & thoughtful upgrades, making it truly one of a kind. Designed for comfort & convenience, it offers two primary bedrooms (one on each floor) & two laundry rooms. The interior is finished with two-tone paint, 5'' contemporary baseboards, and 8' doors, extensive tile & carpet upgrades, creating a spacious & refined feel throughout. The kitchen is a chef's dream, featuring Silestone countertops, designer tile backsplash, white Shaker cabinets w/ 42'' uppers. It's equipped with Whirlpool stainless steel appliances, a built-in oven/microwave, a gas cooktop, a pot filler, and a massive walk-in pantry. Experience true AZ indoor-outdoor living with a wall of glass in the great room that opens to a covered patio, travertine pavers, and sparkling PebbleTec pool with hot tub. The front yard adds curb appeal with pavers lining the driveway and a generous covered porch. This Energy Star-certified home ensures energy efficiency & environmental sustainability. Nestled in the highly desirable, master-planned community of Eastmark, you'll enjoy access to top-tier amenities, lush parks, and more! Don't miss this rare opportunity!
42644 N Schnepf Road
San Tan Valley, AZ 85140
$1,000,000
4
Beds
3
Baths
2,153
SqFt
Status
Active
MLS #
6762521
Property Type
Single Family Residence
Price Type
--
Welcome to your equestrian retreat! Nestled on a sprawling 3.3-acre lot with horse privileges, this expansive property has it all! Upon arrival, you'll appreciate the ample parking options, perfect for accommodating guests or storing recreational vehicles. Inside, you'll find a light-filled great room, wood-look flooring, and a sizable den for an office or creative space. The well-equipped kitchen is ready for your culinary adventures, boasting SS appliances, generous counter space, and ample wood cabinetry. A versatile bonus room adds even more potential, whether for a guest home, gym, hobby room, or additional living area! Discover a main bedroom featuring private backyard access and an ensuite with a jetted tub, two vanities, and a walk-in closet. Outside, relax under the covered patio or on the adorable balcony while gazing at the stunning mountains. You will love the horse corrals and arena! The possibilities are endless with this spacious and serene property!
1065 E Sandpiper Drive
Tempe, AZ 85283
$1,000,000
4
Beds
2.5
Baths
2,520
SqFt
Status
Active
MLS #
6753394
Property Type
Single Family Residence
Price Type
--
WATERFRONT Home on The Island with a Swimming Pool! This 4 Bedroom/2.5 Bathroom home features beautiful views, Covered Balcony and Patio that spans the back of the house and a Private Boat Dock! The main level of this tri-level home includes a large eat-in kitchen with a breakfast bar, foyer and living room with vaulted ceiling, and laundry room. Upstairs is the Primary Suite with water views and exit to the covered balcony, two additional bedrooms and guest bathroom. Bedroom #2 also has a private exit to the balcony. The lower level features a family room with fireplace, water views and an exit to the covered patio and swimming pool PLUS one more bedroom and half bath. You'll Love Living In The Lakes!