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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31002 N 56th Street
Cave Creek, AZ 85331
$4,200,000
4
Beds
3.5
Baths
3,046
SqFt
Status
Active
MLS #
6777013
Property Type
Single Family Residence
Price Type
--
Seamless Blend of Elegance and Function will Amaze when you walk into this Sophisticated Home. Completely Remodeled in 2020 with carefully chosen appointments crafted for a one of a kind living experience. Kitchen features extra large island where your guests and family will love gathering next to the great room. Downstairs Master has retractable door to patio and private Spa. It's bath has a huge steam room/shower. Custom hanging rods in the closet. Tasteful ambient lighting sets off the double sinks. This artist owned and designed home continues the sophistication up the modern stairway to three additional bedrooms, two bathrooms and a large fully functional art studio. This could be an extra guest bedroom or office area. Large balcony enhances upstairs lifestyle. SEE MORE Your horses will appreciate their new insulated barn with padded flooring, radiant heating lights & oscillating fans in every 20 x 24' stall. They also have walk outs on all 5 stalls. There is a large 1500 sq ft Casita with office, workout area, bedroom and kitchen, plus bonus storage with washer and dryer. That's not all. Huge covered parking for your big rigs & motor home. Plenty of turn around space with a large open driveway. All the facility is security locked behind a privacy gate.
7201 N 23rd Place
Phoenix, AZ 85020
$4,200,000
4
Beds
4.5
Baths
5,645
SqFt
Status
Active
MLS #
6754404
Property Type
Single Family Residence
Price Type
--
Ah, there you are. It's me, the ''House in the Rock,'' standing proudly at the edge of Piestewa Peak, waiting for someone who truly understands the art of living. I'm not just a home—I am a sanctuary, born from the earth, crafted from steel, glass, and stone. My spirit flows with the energy of the mountain, grounding you as my elevator lifts you toward the clouds.Step inside, and feel the power of the land itself, framed in glass, inviting you to lose yourself in my mesmerizing views. My walls of corten steel and raw rock create a fortress of luxury, a timeless masterpiece designed for someone who appreciates strength, beauty, and serenity.I'm not for everyone. I seek an owner who yearns for more than just a house—someone who desires a home that speaks to the soul. If that's you, come claim me. Together, we'll live as one with the mountain. Oh, and if you'd like to meet me in person, I'll be open for a preview on December 19th from 5 to 8. Don't keep me waiting too longI'm quite the catch.
6715 E Montecito Avenue
Scottsdale, AZ 85251
$4,200,000
5
Beds
6.5
Baths
4,540
SqFt
Status
Active
MLS #
6658706
Property Type
Single Family Residence
Price Type
--
This stunning Scottsdale home nestled one street over from Exeter. This custom home features an abundance of space and elegance provided by this meticulously designed home. The main house boasts four bedrooms and four and a half bathrooms, offering ample room for relaxation and privacy. The tastefully decorated interiors create an atmosphere of refinement and comfort throughout. Experience unrivaled comfort with ceiling fans and remote blackout blinds throughout the property. The main house features a stylishly appointed gourmet kitchen equipped with best-in-class stainless steal appliances, Stunning quartz countertops, an oversized island perfect for entertaining. This beautiful open concept living area offers luxury at its finest. Exquisite resort-like amenities: Step into your private oasis. Lounge by the shimmering swimming pool, sit around the state-of-the-art firepit, and enjoy alfresco dining on the expansive patio. Fire up the BBQ grill for a delightful cookout or simply savor the tranquility of the beautifully landscaped backyard. The attached casita is adjacent to the main house, the casita Living area offers a separate haven for additional privacy. It features a private entrance, a well-appointed bedroom, a fully equipped kitchenette, and a bathroom. Perfect for couples or those seeking extra space, the casita ensures a tranquil and exclusive retreat. spacious bathroom w/ 2 vanity sinks + an expansive walk-in rainfall shower and separate soaking tub
10801 E Happy Valley Road Unit 108
Scottsdale, AZ 85255
$4,200,000
4
Beds
4.5
Baths
5,350
SqFt
Status
Active
MLS #
6679843
Property Type
Single Family Residence
Price Type
--
This stunning Terry Kilbane-designed home sits on an interior, acre+ corner lot w/city light & mountain views in guard gated Glenn Moor at Troon. Excellent curb appeal w/stucco, copper, & natural stone accents along w/gorgeous landscaping. Step into an ideal layout w/large great room w/butt glass windows that highlight the city light views along w/3 ensuite bedrooms plus an office, a casita, & 4.5 baths. Formal dining w/b-in buffet, wine room, & gourmet kitchen w/subzero fridge, Miele steamer, warming drawer, double ovens, gas cooktop, dual sinks, & additional wine fridge. Custom touches throughout such as tongue & groove ceilings, Vega poles, concrete floors w/custom stone inlays, knotty alder cabinets w/brushed nickel hardware, pocket door in kitchen, 3 fireplaces, & tons of built-ins. Back yard was designed for outdoor living w/negative edge pool & spa, b-in heaters, bbq, fireplace, tons of covered patio & decking, & tremendous city light views. This home has been very lightly lived in as a second home and feels both warm and modern. Rare to find this combination of quality, views, & functionality. All this within 10 minutes os tons of golf courses, hiking/biking trails, shopping, dining, & all of the other amenities Scottsdale has to offer
160 N Shore Lane
Gilbert, AZ 85233
$4,199,999
6
Beds
5
Baths
5,932
SqFt
Status
Active
MLS #
6784961
Property Type
Single Family Residence
Price Type
--
Introducing an extraordinary estate located in the most established and coveted regulation ski lake in Arizona. Upon entry to the exclusive gated community of Crystal Point Estates, you will find a ½ mile lake spanning with islands on each end. As you make your way to your waterfront home, you are welcomed by a soaring entry with captivating lake views and rich finishes. Gourmet kitchen delivers two ovens, icemaker, RO, granite & quartz counters, and a wet bar which opens to seamlessly blend indoor-outdoor living. Primary Suite features rooftop hot tub, private patio, spa-like bathroom w/ standalone tub, flawless tiled shower, kitchenette/laundry room combo, coffee bar, designated safe room and sophisticated firearm storage, and an elegant closet. Home boasts premiere amenities such as transparent wine/liquor display, theater room, 2 laundry rooms, smart toilets, and EV charging station. Enjoy the vibrant scenery outdoors by your heated pool & spa, covered boat dock with rooftop deck, or distinguished firepit nestled along the sandy shoreline. This home impeccably combines luxury living, high end entertaining opportunities, and waterfront attractions. Truly a one-of-a-kind, where design and location cannot be replicated. Be sure to watch the remarkable video!
24334 N 128th Street
Scottsdale, AZ 85255
$4,199,000
5
Beds
4.5
Baths
5,000
SqFt
Status
Active
MLS #
6779551
Property Type
Single Family Residence
Price Type
--
We have officially broken ground on this extraordinary & sophisticated contemporary styled Farmhouse custom spec home designed by Encore Design Group on a massive three acre lot with NO HOA! This incredible home combines bright, contemporary design with timeless indoor-outdoor appeal, all in a highly-desirable location a stones throw from Tom's Thumb trailhead. This incredible custom home includes a massive vaulted open great room with 5 bedrooms, 4.5 bathrooms, a separate game room / movie room, & an incredible three car garage adjacent to a massive RV Garage. The incredible features continue with a massive covered back patio with a stone accented fireplace and complete outdoor kitchen, fully landscaped backyard with a gorgeous custom pool, & so much more!
10125 E Cortez Drive
Scottsdale, AZ 85260
$4,199,000
6
Beds
5.5
Baths
4,593
SqFt
Status
Active
MLS #
6791686
Property Type
Single Family Residence
Price Type
--
Located on nearly an acre, this 6,300+ sq. ft., 7 bed, 5.5 bath, custom-built estate is located in Scottsdale's highly vaunted Cactus Corridor! From the chef's kitchen featuring quartzite counters, dark rich-wood cabinets, island, & Thermador appliances to the coffered ceilings in the huge great room, detailed craftsmanship is found throughout. Hardwood floors add warmth & sophistication. And so do the 2 fireplaces! Sliding doors lead to the huge backyard which is perfect for entertaining with its sport court, pool, spa, & putting green! The 1,700+ sq. ft. guest house boasts 2 bedrooms & a large kitchen. If this wasn't enough, there is room to park 10 cars, incl. an RV garage, & the property is zoned for equestrian. Located near retail, dining, & freeways, this is a must see!
25583 N 89th Street
Scottsdale, AZ 85255
$4,175,000
5
Beds
4.5
Baths
5,807
SqFt
Status
Active
MLS #
6713905
Property Type
Single Family Residence
Price Type
--
HUGE PRICE REDUCTION . This private slice of Scottsdale Paradise on 1.6 acres has detached guest home space for comfort. Perfect for entertaining, the functionality of this residence is unmatched. Step inside to discover a grand open-concept living space, featuring a fireplace in the living room connecting to the dining room. The sprawling kitchen has a generous island + a spacious bar area. You will love cooking here using 2 convection ovens, chefs gas stove, huge Sub-Zero refrigerator and a walk-in pantry. Kitchen is adjacent to a family room with stylish wood beams. The main house has a split floor plan, offering 2 master suites, as well as an office, on each side of the home. The bedrooms on the opposite wing are connected by a spacious bonus room. Outsid continues to impress. A huge landscaped yard provides a serene oasis, with putting greens and room for a pickle ball court. The centerpiece of this outdoor paradise is the stunning 51-foot heated pool, which features a waterfall jacuzzi. Additionally, the estate includes a beautifully appointed detached guest house, offering a private sanctuary for visitors or extended family. This guest house features its own living area with bar plus bedroom, and a full bathroom, ensuring your guests enjoy their stay in utmost comfort. This remarkable property is not just a home, it's a lifestyle. With its unparalleled amenities and prime location (just minutes to 101 Frwy) this home offers everything you need for luxurious living and unforgettable entertaining. Don't miss the opportunity to make this extraordinary estate your own! See floor plan in documents. 5807 Sq Ft 5 Bedrooms (4 Main House, 1 Guest House ) 2 Offices (Main House) Loft/Bonus Area ( Main House) Key Features : - Custom home - solid 2 x 6 construction - 1.6 acre lot - Own Reverse Osmosis and Water Softener - Exclusive Gated Community - Pelle windows - RV Gate - Ample 3 car garage - HVAC - high rating Main House : - Natural gas - Fireplace in Living Room - Travertine Stone Tiles plus Wood Floors - Split Floor Plan - (2x) Master Suites - Lofted Wood Beams in Family Room - Granite in Bathrooms Gourmet Kitchen : - Wolf Stovetop with Grill Addition and Pot Filler - (2x) Wolf Convection Ovens - (2x) Garbage Disposals - Huge Sub-Zero Refrigerator - Ice Makers in both doors - Huge Walk-In Pantry - Farmhouse Kitchen Sink and Handwash Station - Quartz Counters in Kitchen and Laundry Detached Guest House : - 825 sqft - Bar Area seats 6 - Sink, Microwave, Fridge - Bed w Full Bath Wonderful Outdoor Space : - Putting Green - Heated Pool (51ft long, 6ft deep) (2023 gas heater) - Heated Waterfall Jacuzzi - Outdoor Grill with Bar, Seating Area for 10 - Beverage Fridge and Sink - Seller loves that the property has space to entertain large groups of people
7798 E Whisper Rock Trail
Scottsdale, AZ 85266
$4,170,000
5
Beds
5.5
Baths
7,502
SqFt
Status
Active Under Contract
MLS #
6726500
Property Type
Single Family Residence
Price Type
--
Indulge in the epitome of luxury living with this remarkable estate in Whisper Rock, rated one of the top golf courses in Scottsdale. Step into the grand foyer to experience elegance and impeccable craftsmanship. Meticulously curated custom finishes flow seamlessly from room to room. The expansive living spaces feature formal and informal great rooms, a stunning dining room, and a custom study/office for productivity and comfort. Whisper Rock Estates provides 24-hour guard-gated security and boasts exceptional amenities, including a fitness center with locker rooms, a heated lap pool and spa, multiple sport courts for tennis, pickleball, and basketball, a 3-acre resident park, and a dedicated full-time residential services coordinator.
21615 E Thirsty Earth Trail
Fort Mcdowell, AZ 85264
$4,150,000
6
Beds
5.5
Baths
6,200
SqFt
Status
Active
MLS #
6785446
Property Type
Single Family Residence
Price Type
--
Welcome to the most SCENIC 5 Acre Property currently available for sale in the Valley. Limited only by your imagination, this landmark perched atop the hill features Horse Facilities, lighted Riding Arena, an Acre of Grass, full Sport Court, Kennel, and plenty of room for RVs and Boats. The showstopping residence with the most stunning CURB APPEAL welcomes you HOME. Rejuvenated and featuring 6,200 SqFt of livable space, 6 Bedrooms, Executive Office w/ fireplace, Play Room, Game Room w/ FULL Bar, and massive Patio which takes full advantage of WIDEOPEN sprawling rolling Hill, Mountain, and City Light VIEWS. Off just in the distance, the WORLD FAMOUS Fountain Hills Fountain, visible from the property every hour. Just 10 minutes to Fountain Hills and 30 minutes to the 101. CLICK FOR MORE... This property is so incredibly remote and quiet! Live completely free while still having practically immediate access to all the amenities and benefits of a major metropolitan City. Also featuring a new, private Water Well, recently installed. Horse set up with Tack Room, Feed Room, 4 covered Stalls, turn out Arena, Wash Rack. Full size Sports Court, basketball, pickle ball, etc. Extra storage closets under patio stairs.
21168 W Granite Ridge Road
Buckeye, AZ 85396
$4,140,000
5
Beds
6
Baths
7,200
SqFt
Status
Active
MLS #
6516382
Property Type
Single Family Residence
Price Type
--
Welcome to the glass house. Nestled within the breathtaking White Tank mountains, this elevated mountain side modern estate is in a league of its own. Boasting unparalleled views of the Golf Course, White Tanks, and Sparkling City Lights. This glass stunner offers every conceivable modern luxury. Chef's Kitchen, Cinema, Gym, Elevator, Resort-Style Infiniti Pool with an under water window that looks into the game room, 20 person Spa, Over 130' of glass walls for seamless indoor/outdoor living. Indoor Basketball Court doubles as a Night Club with state of the art lighting, audio and a suspended platform for the DJ. Private courtyard includes a pristine turf area, a half pipe and two in ground trampolines. All three rooms on the first floor have walk-in closets with their own private laundry. Owners suite with 32' of glass door walls allows you to step directly onto the balcony, pool or spa deck, and has dramatic views of the golf course, mountains and city lights, it also has a two story Chanel inspired closet, soaker tub in front of massive corner picture windows, luxurious walk-in shower and dual commodes. The resort inspired guest rooms (accessible) from the elevator have walk-in showers and soaker tubs that look out onto the golf course. The sports court has a rock climbing wall with two auto belays and has a discreet in wall net system for volleyball and pickleball. Estimated completion is October 2024. Owner Agent
15883 N Silent Moon Lane
Prescott, AZ 86305
$4,100,000
3
Beds
3.5
Baths
4,037
SqFt
Status
Active
MLS #
6781256
Property Type
Single Family Residence
Price Type
--
Discover unparalleled luxury in this 2023 custom-built home by Wind Dancer Construction. Nestled on 2 acres backing to State Trust Land. Enjoy breathtaking Northwest Valley views from an expansive floor plan filled with high-end finishes, including a custom Williamson Valley Black Walnut front door, hand-hewn Montana wild wood beams, 10'' engineered hardwood floors & lighted art niches throughout. Indulge in your own private spa-like primary en suite, featuring granite accent inlays, a free-standing tub, and a spacious walk-in shower. A wine lover's dream with two EuroCave wine towers, perfect for showcasing your collection. Experience breathtaking views from exceptional outdoor living spaces, including an upper deck with a built-in fireplace and a lower patio with a cozy fire pit perfect for relaxing or entertaining. This home is truly exceptional, offering the perfect blend of luxury and comfort. Talking Rock is a 24-hour staffed gated private community for members only. Amenities include our award-winning Jay Morrish designed Golf Course, Fitness Barn, Ranch House Restaurant and Bar, Coop's Coffee House, Racquet Sports Courts, Dog Park, Community Garden, and over 14 miles of hiking and biking trails.