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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15 Sky Ridge Court
Sedona, AZ 86336
$3,790,000
5
Beds
6
Baths
4,420
SqFt
Status
Active
MLS #
6518168
Property Type
Single Family Residence
Price Type
--
Discover the beauty of Sedona's newest subdivision - Sky Ridge Estates! This hilltop lot offers breathtaking panoramic views of the North, East, and South. You have the option to build a custom home with three, four, or five en-suite master bedrooms. Plus, this exclusive location is only a short walk from the city's brand new park, museums, town square, high-end shopping and dining, spa resorts, and more. Enjoy the convenience of a lit tennis/pickleball court and Oak Creek front park available for membership. The seller is offering financing to qualified buyers, and they will even participate in the cost of grading, driveway, and pad once your home plans are submitted and grading permits are issued. Imagine waking up to picturesque views every day in your spectacular new home. This is one of the top/best premium five lots in the cul-de-sac end of the road. Very quiet and secluded, yet in the heart of Sedona, with a 10 walkability score. Below Market Pricing: Secure your slice of paradise with lots starting at just $329,000(half-off 8/23 appraisal of 495,000- 695,000 as improved (when road and utilities are completed) Build Your Dream: Opt for our innovative rustic contemporary, metal, and ceiling-to-floor glass eco-friendly landscape homes, designed for efficiency and elegance. Cantilevered on pillars vs old style expensive cut and fill pad or retaining wall, See renderings under the photo tab. Unparalleled Views, Privacy, very quiet & secluded: 19 Exclusive Lots: Each lot, ranging from half to three-quarters of an acre, offers breathtaking panoramic views along a serene ridge down and through a hidden canyon. Investment & Lifestyle Flexibility: Luxury Living Redefined: Sky Ridge Estates isn't just a place to live; it's a lifestyle. This 5-star resort community offers: *Private Club & Fine Dining (room service): Experience culinary delights without leaving the comfort of your community. *Wellness & Leisure: State-of-the-art anti-aging spa, fully-equipped gym, yoga studio, indoor climate-controlled pickleball court, and a golf simulator. *Concierge & Transport: Enjoy the convenience of concierge services, a Mercedes limo van for all your travel needs, and 24-hour security guard and cameras. *Resort-Style Property Management: Travel a lot? 2nd Home? On-site property management is available. *Infrastructure is underway, and roads and utilities are being installed. The clubhouse and gate are pending approval. Collaborate with our top architect and builder to bring your vision to life. Contact us for more details on this unique opportunity. Look under photos and website for home renderings and drone footage of each lot. Don't miss out on this chance to invest in a lifestyle of luxury and tranquility at Sky Ridge Estates. Recent Sold Comps; 920 N Palisades,.73 ac,COE 10/23 for 525,000 3 Sky Ridge Ct.,.63 ac,COE 1/24 for 500,000
12265 E Troon Vista Drive
Scottsdale, AZ 85255
$3,779,995
5
Beds
5.5
Baths
4,682
SqFt
Status
Active
MLS #
6668733
Property Type
Single Family Residence
Price Type
--
Don't miss this opportunity to live in Scottsdale's most desirable location, the picturesque, and award winning community of Sereno Canyon. Nestled against the McDowell Mountain preserve, with Sonoran desert views and close proximity to hiking trails. This open floorplan includes a casita with an exterior and interior entry, wet bar, and has enough room for bedroom and living space. The kitchen great room opens to a large covered patio with a 20' 90 degree corner door that pockets into the wall and brings the outside in. Chefs kitchen including two quartz islands for entertaining, SS Wolf Pro Line including a 48'' smart range, wall oven, and Sub-Zero 48'' side by side built refrigerator. 14' ceilings in the main living area. All bedrooms are en-suite with WIC. 10 year warranty included.
770 Forest Service 461 Road
Fredonia, AZ 86022
$3,750,000
2
Beds
1
Bath
1,170
SqFt
Status
Active
MLS #
6785689
Property Type
Single Family Residence
Price Type
--
Discover a unique opportunity to own the only privately-owned land and thriving RV park with hook-ups and a tent camping village near the North Rim of the Grand Canyon. This exceptional property is completely surrounded by National Forest, offering unparalleled access to scenic FS roads and trails for endless exploration. Just a one-hour drive (30 miles) from the Grand Canyon North Rim entrance, this location is also conveniently close to Jacob Lake Inn, a gas station, and the 67 highway. The property features a livable primary residence cabin and comes with special use permits from Coconino County. Nearby attractions include the historic Ranger Station, AZGFD Deer Check Station, Jacob Lake Inn (offering food, gifts, a food truck, gas station, and additional lodging options), and Jacob Lake trail rides. Other notable destinations within reach are Lake Powell (80 miles), Bryce Canyon National Park (115 miles), and Zion National Park (79 miles). The area is perfect for hiking, biking, snowmobiling, and cross-country skiing, with well-maintained roads providing easy access. The RV park offers amenities such as showers, clean toilets, an RV dump, and a water fill stationthe only one available on the North Rim. Jacob Lake is located on the property, adding to its charm and potential for development or expansion. The primary cabin is equipped with Starlink (buyer to confirm), and there is potential for future broadband service with SC Broadband, which could provide internet access for the entire park (buyer to confirm). The property includes a 3,600 sq. ft. shop/warehouse and 24-hour laundry/shower facilities available to park guests and others in the area. With flexible owner-carry terms and a lot of personal property included with a good offer, this is a rare chance to own a piece of history. The current owners live on-site year-round and have reliable UPS service, even in winter. Lot dimensions are approximately 2,500 ft x 3,500 ft (buyer to confirm), and a Seismoelectric Survey for a new well site has been conducted. Don't miss out on this quiet, first-stop destination for lodging, camping, and RVing en route to the North Rim. Inquire today to learn more about this incredible property!
5112 E Pasadena Avenue
Phoenix, AZ 85018
$3,750,000
5
Beds
5
Baths
4,420
SqFt
Status
Active
MLS #
6784725
Property Type
Single Family Residence
Price Type
--
Prime Arcadia location with drop dead views of Camelback Mountain. North/South exposure. Cul de sac lot. Short walk to Royal Palms, AJ's and numerous restaurants.
12224 N Cloud Crest Trail
Fountain Hills, AZ 85268
$3,750,000
5
Beds
5.5
Baths
4,821
SqFt
Status
Active
MLS #
6790077
Property Type
Single Family Residence
Price Type
--
Estimated completion, this incredible spec home is ready to be built! Nestled on the end of a cul-de-sac in the quiet gated community of Eagle Ridge, this STEP FREE property provides the ultimate level of privacy with its own gated entry. Enjoy incredible views and a timeless design while encompassing modern amenities. The well thought-out floor-plan features, 5 en-suite bedrooms, a home office, massive open-concept great room, formal dining room, game/media/flex room, kitchen with its own hidden butlers pantry, a large media 2 separate 2 car garages. Designed for any Sonoran Season, the resort backyard is complete with a two sided negative edge pool overlooking your city light view, half court sports court, putting green, three separate covered patios, and an outdoor kitchen!
18720 N 101st Street Unit 2012
Scottsdale, AZ 85255
$3,750,000
3
Beds
4
Baths
3,157
SqFt
Status
Active
MLS #
6576548
Property Type
Apartment
Price Type
--
**NEW CONSTRUCTION** The best opportunity to be inside the gates of Silverleaf at a competitive price. ICON at Silverleaf offers an unlimited lifestyle with the lock-and-leave luxury of exceptional single-story flats amid the incomparable beauty of Arizona's McDowell Mountains. This rare and unique offering of spacious, open-concept residences affords the very best of all possible worlds, close to the cosmopolitan conveniences of affluent North Scottsdale, yet secreted within the pristine privacy of the Sonoran Desert behind the gates of the truly iconic upscale private resort community of Silverleaf. Silverleaf, located in North Scottsdale, Arizona, is a prestigious guard gated community known for its luxurious estates, exclusive golf courses, private Club and stunning desert landscapes. The Tom Weiskopf-designed Silverleaf Golf Course is a highlight for golf enthusiasts. With a blend of Spanish and Mediterranean-inspired architecture, the community offers a high standard of living, including upscale amenities like spas, fine dining, and exclusive shopping. Residents enjoy a harmonious balance between modern luxury and the natural beauty of the desert environment, making Silverleaf a sought-after destination for those seeking an exceptional lifestyle in North Scottsdale.
18720 N 101st Street Unit 2019
Scottsdale, AZ 85255
$3,750,000
3
Beds
4
Baths
3,239
SqFt
Status
Active
MLS #
6635492
Property Type
Apartment
Price Type
--
The FINAL and much anticipated phase of the highly successful Icon project now available with construction well underway and estimated completion in 2024. This is not only an opportunity for extraordinary views and new construction , it also continues to be the best opportunity to be inside the gates of Silverleaf. ICON at Silverleaf offers an unlimited lifestyle with the lock-and-leave luxury of exceptional single-story flats amid the incomparable beauty of Arizona's McDowell Mountains. This rare and unique offering of spacious, open-concept residences affords the very best of all possible worlds, close to the cosmopolitan conveniences of affluent North Scottsdale, yet secreted within the pristine privacy of the Sonoran Desert behind the gates of the truly iconic upscale private resort community of Silverleaf. Silverleaf, located in North Scottsdale, Arizona, is a prestigious guard gated community known for its luxurious estates, exclusive golf courses, private Club and stunning desert landscapes. The Tom Weiskopf-designed Silverleaf Golf Course is a highlight for golf enthusiasts. With a blend of Spanish and Mediterranean-inspired architecture, the community offers a high standard of living, including upscale amenities like spas, fine dining, and exclusive shopping. Residents enjoy a harmonious balance between modern luxury and the natural beauty of the desert environment, making Silverleaf a sought-after destination for those seeking an exceptional lifestyle in North Scottsdale.
7101 E Berneil Lane
Paradise Valley, AZ 85253
$3,750,000
5
Beds
4
Baths
4,702
SqFt
Status
Active
MLS #
6761121
Property Type
Single Family Residence
Price Type
--
Welcome to your very own paradise! This luxury, move-in ready home offers 5 oversized bedrooms and 4 bathrooms with the 5th bedroom currently being used as an office. This Control4 smart home features a newly remodeled kosher kitchen with a large walk-in pantry. The spacious formal living area, cozy lounge/game room, and the grand dining room that can accommodate at least 20 guests makes for an entertainer's dream. The expansive backyard is home to citrus trees, a fresh herb garden, fire pit, spa, and a newly redone pool. Paradise Valley living at its finest!
55 Cibola Drive
Sedona, AZ 86336
$3,700,000
3
Beds
2
Baths
3,577
SqFt
Status
Active
MLS #
6781179
Property Type
Single Family Residence
Price Type
--
A Wine Enthusiast's Dream Home in Sedona Welcome to your dream sanctuary in Sedona, where every detail caters to the consummate wine enthusiast. This exceptional estate boasts 3,577 square feet of thoughtfully designed living space, elevated to capture breathtaking 360-degree views that are simply unmatched. The sellers have raised the roof to maximize the vistas, complemented by a sprawling 1,408-square-foot main deck and a 329-square-foot covered sky deck, creating an unparalleled indoor and outdoor living experience. The great room, expansive yet cozy, features a stunning beehive fireplace adorned with a unique Alligator Juniper mantle, making it the perfect gathering spot. Retreat to the luxurious primary suite, where you'll enjoy direct access to your private outdoor hot tub, allowing for peaceful evenings under the stars. The spa-like bath is a true oasis, adorned with exquisite Lucy Paradise stained glass that adds a touch of artistry to your everyday routine. This estate also includes two additional guest bedrooms and a versatile flex room, ensuring ample space for relaxation and rejuvenation. Nestled alongside National Forest, the property offers a serene and private environment, perfect for those seeking respite from the world. A hidden gem of this home is the detached historic wine tasting room and cellar, celebrated by Wine Spectator for its design and functionality. Here, you can entertain guests in stylewhether indoors or outdoorsand access your perfectly temperature-controlled cellar featuring an impressive selection of 1,600 bottles. This Sedona residence is not just a home; it's a true bucket list destination, inviting you to indulge in the finest wine experiences amidst the natural beauty of the red rocks. Don't miss the opportunity to own a piece of paradise tailored for a lifestyle of elegance and enjoyment.
37200 N Cave Creek Road Unit 1009
Scottsdale, AZ 85262
$3,700,000
3
Beds
3.5
Baths
4,556
SqFt
Status
Active
MLS #
6564876
Property Type
Single Family Residence
Price Type
--
Desert Mountain GOLF Membership is available with this home. Stunning Cullum home at the Seven community at Desert Mountain. Light and bright great room floor plan that features three en-suites , additional family room and powder room. Expansive kitchen with large center island and is equipped with Subzero, Wolf and Cove appliances. A modern beautiful fireplace is a focal point in the great room. Expansive multi slide glass doors lead to a large covered patio. Oversized primary suite features a contemporary fireplace, two fully-appointed walk-in closets, spacious double vanity with separate makeup vanity, linen storage cabinet, walk-in shower, and soaking tub. A climate-controlled, custom wine room and bar with designer tile and thoughtfully-placed lighting complete the great room. Making for the perfect location to entertain or relax after golf. Additions to this home beyond the ordinary include tile and wall treatments in multiple rooms and remotely-operated shades on every window, including the grand sliders in the great room. Plenty of storage is available with a walk-in pantry, fully-finished laundry room, and an extra closet off the family room, which could easily be converted to an owner's closet. For more than three decades, Desert Mountain has been providing its Members with one of the world's finest year-round golf and lifestyle experiences. The Club's master plan was conceptualized by Taliesin Associated Architects, a firm founded by the legendary Frank Lloyd Wright, and designed to subtly harmonize with the magnificent natural landscape that surrounds the illustrious 8,300-acre property located in North Scottsdale Arizona. The Desert Mountain Club features Seven golf courses, seven clubhouses and nine different dining options from formal to casual. The Sonoran Fitness center and Spa offers the newest equipment and is staffed with top wellness and sports professionals, the expansive Fitness Center has everything you need for a total body workout, from muscle conditioning and flexibility to private personal training, group classes, and on-site physical therapy. The beautifully appointed Spa offers a wide range of services, including therapeutic massages, repairing facials, haircuts, color, and even acupuncture treatments.The Tennis Complex features five state-of-the-art Har-Tru green clay tennis courts, three fast-playing hard courts, and a spectacular stadium grass court. Members can enjoy spirited competition and socializing on six pickle ball courts. In addition Desert Mountain has a private trail system that borders the Tonto National forest and encompasses 20 miles of panoramic desert scenery and lush mountain flora. By two feet or two wheels, explore the eastern slope of the Continental Mountains, enjoy views for miles from the 4,100-foot summit that overlooks landmarks like Skull Mesa, Elephant Butte, and Harquahala Peak. Desert Mountain is proud to be distinguished by the Platinum Clubs® of America, considered as the most respected recognition in the private club industry. Every two years, clubs are judged for their history, ability to attract and retain exceptional members, and the experience delivered. Criteria include recognition, excellence in amenities and facilities, staff and professional services, quality and commitment of membership, governance and prudent fiscal management, adapting to changing times, and overall experience. Desert Mountain Club currently ranks #14 in the country on the 2021-2022 list, and is the highest ranking club in Arizona in the Country Club category.
10755 E Cholla Lane
Scottsdale, AZ 85259
$3,700,000
5
Beds
4.5
Baths
5,363
SqFt
Status
Active
MLS #
6760257
Property Type
Single Family Residence
Price Type
--
Beautifully renovated 5,300+ sqft estate in the Cactus Corridor on over an acre! This truly move in ready home features both cosmetic and mechanical upgrades. All new Trane AC units, all new energy efficient windows, new multi slide doors, new pool equipment, new pebble Tec, and fresh landscaping to name a few. The lavish interior includes features like real wood floors, soaring ceilings, new kitchen with high end appliances and custom cabinetry, and a fully stoked prep kitchen. The primary suite is truly a retreat with amenities like its own private sitting room, a fireplace, a luxurious bath, and its own laundry room. The primary bath offers sink sinks and a makeup vanity, a tiled shower with multiple shower heads and body jets, and a custom closet. This is truly a must see!
8635 N Tatum Boulevard
Paradise Valley, AZ 85253
$3,700,000
6
Beds
4.5
Baths
4,817
SqFt
Status
Active
MLS #
6774272
Property Type
Single Family Residence
Price Type
--
Breathtaking Paradise Valley retreat that has been meticulously transformed into a modern sanctuary, epitomizing the essence of contemporary elegance. This residence has undergone an extensive renovation, seamlessly blending sophistication with the allure of Arizona's outdoor lifestyle. The home is designed to captivate with its emphasis on clean lines, abundant natural light, and a layout crafted to optimize the joy of indoor/outdoor living. The property boasts a newly added heated pool, spa, and a pristine white travertine deck, creating a picturesque oasis perfect for entertaining as well as a new roof added in 2023. Meticulously landscaped surroundings, which include a barbecue area, hardscaping, in-ground trampoline, bocce ball, and a putting green. Modernized interior includes custom artistic wall coverings, sensational matte black flat-panel kitchen cabinets with warm wood elements and stainless steel appliances along with no grout lines metallic stained concrete floors. Primary bedroom with exit to relaxing spa is an utopian escape with zen spa-like bathroom and grand closet. Total 6 bedrooms 4.5 bathrooms plus an office, 3 car garage with Tesla electric charger, RV gate, plus plenty of additional parking. Straight line 10 miles to Phoenix Sky Harbor Airport. Across the street from hiking/biking trail! Perfect for Airbnb or VRBO! NO HOA! No short-term rental restrictions in CC&R's. Can be sold turnkey!