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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10958 E Taos Drive
Scottsdale, AZ 85262
$2,995,000
5
Beds
3.5
Baths
5,554
SqFt
Status
Active
MLS #
6740654
Property Type
Single Family Residence
Price Type
--
Welcome to your dream home nestled in the heart of Scottsdale, where comfort and style meet in perfect harmony. This stunning residence offers a blend of classic elegance and serene living, ideal for those seeking both relaxation and convenience. Spacious Interior: Step into a beautifully designed open floor plan that maximizes space and natural light with soaring high ceilings . The generous living area features high ceilings and large windows, creating a bright and airy atmosphere perfect for entertaining or unwinding after a long day. Gourmet Kitchen: The chef's kitchen is a true centerpiece, boasting sleek granite countertops, stainless steel appliances, and ample cabinetry. A center island provides additional prep space and a casual dining option, making it a great spot for both cooking and casual meals. Luxurious Master Suite: Retreat to the expansive master suite, complete with a private en-suite bathroom featuring dual vanities, a soaking tub, and a separate shower. Enjoy the convenience of a large walk-in closet, attached gym or flex space and direct access to the outdoor living space. Outdoor Oasis: The beautifully landscaped backyard offers a serene escape with a covered patio, ideal for alfresco dining or relaxing with a good book. The lush greenery and well-maintained garden provide a picturesque setting for outdoor activities and gatherings. A view deck with panoramic views of the mountains and city lights, gas fire place, putting green, baja deck in the pool, and so much more. Additional Features: This home also includes a versatile den/office space, perfect for working from home or as a guest room. The attached four-car garage offers ample storage and convenience, as well as a detach 5th car garage for extra storage or toys. Prime Location: Situated in a desirable North Scottsdale yet with no HOA, you'll enjoy easy access to top-rated schools, upscale shopping, dining, and recreational amenities. With its proximity to major highways, commuting and exploring the vibrant Scottsdale area is a breeze.
500 N Skyview Street
Flagstaff, AZ 86004
$2,995,000
4
Beds
3
Baths
3,747
SqFt
Status
Active
MLS #
6711474
Property Type
Single Family Residence
Price Type
--
ORSE PROPERTY IN FLAGSTAFF CITY LIMITS!! Indulge in the serene beauty of Lakeside Acres with this exquisite home nestled on 3 lots spanning over 4.35 acres. Meticulously remodeled to perfection, this residence boasts unparalleled craftsmanship and attention to detail. Embrace the tranquility of the picturesque surroundings while enjoying the convenience of modern amenities. The home has not been lived in since its remodel. Just a snippet of the remodel: Beautiful, Upgraded Kitchen, Entertainment Bar, Entire home sprayed with Foam Insulation, All Interior Walls Painted and Retextured with Smooth Finish. With two primary suites and two additional bedrooms this home is ready to accommodate full-time, vacation or multi-generational living. Perfect for horse enthusiasts as the property... fe
10040 E Happy Valley Road Unit 243
Scottsdale, AZ 85255
$2,995,000
3
Beds
2.5
Baths
4,320
SqFt
Status
Active
MLS #
6737328
Property Type
Single Family Residence
Price Type
--
Step into elegance with this beautifully remodeled home featuring three significant upgrades. A long, private driveway welcomes you to an open-concept space with soaring 30 ft. ceilings, large windows, and sliding glass doors that frame breathtaking mountain views. The property includes two custom-designed water features and a spacious deck, perfect for entertaining. The Desert Highlands community offers unparalleled amenities, such as a Jack Nicklaus signature golf course, a comprehensive tennis center, pickleball courts, a fitness center, and a luxury country club.
21326 E Stacey Road
Queen Creek, AZ 85142
$2,995,000
3
Beds
3
Baths
4,141
SqFt
Status
Active
MLS #
6771121
Property Type
Single Family Residence
Price Type
--
Welcome to your dream oasis! This stunning 3-bedroom, 2.5-bathroom home, nestled in Arizona's highly desired aviation neighborhood, Pegasus airpark, offers a perfect blend of luxury and functionality. Inside the 52' x 52' hangar you can park your aircraft with space to fit all of your toys! Step inside the home to be captivated by the meticulous attention to detail and premium features that define this residence, including an office with views of the San Tan mountains, a theatre room, a gourmet kitchen and a resort style owners suite with a private workout room, Outside into your private oasis - the backyard is an entertainer's paradise. Enjoy a game of pickleball on your private court, relax in the above-ground spa, or cool off in the pool. You won't want to miss this incredible home!
39742 N 103rd Way
Scottsdale, AZ 85262
$2,995,000
3
Beds
3.5
Baths
4,108
SqFt
Status
Active Under Contract
MLS #
6755023
Property Type
Single Family Residence
Price Type
--
The ultimate in serenity, privacy and exquisite vistas of open desert, sunsets, and city lights in Desert Mountains village of Turquoise Ridge! This lovely home embraces Arizona architecture seamlessly blended with a modern interior. Sited on a cul-de- sac with north/south solar orientation, it overlooks expansive natural open space area offering a slice of paradise with breathtaking views. On approach the lengthy driveway reaches the motor court, 3-car finished garage and gated front courtyard with authentic banco seating, mature vegetation and double arched double door entry. Step into the expansive great room adorned with high white walls, the circular sun ray viga ceiling design and an abundance of picture windows framing the natural Sonoran Desert. A floor-to-ceiling stone fireplace anchors the space, creating a cozy ambiance complemented by the circular dining room with its chandelier, cove lights and unique niches a perfect setting for intimate dining experiences. Flowing into the streamlined kitchen any chef would be delighted with the spacious island with sink and bar seating, Alder wood cabinets with Quartz counters, high-end appliances, viga ceiling detail, casual dining space and outdoor access. The new spacious walk-in pantry is to die for, the comprehensive laundry and powder with wood plank wall detail provide living necessities first-rate. The refined adjacent den with modern kiva fireplace, banco seating, viga and latilla ceiling detail and large picture window invite casual comfort and leisure. The west side of the home unveils the luxurious Primary suite, boasting viga ceiling details, a modern style kiva fireplace, wide plank wood flooring and newly remodeled bath with a free-standing tub, walk-in steam shower and large designer closet. An adjacent open space with picture windows offers versatility for an office, fitness area or studio.The second Primary bedroom, a unique haven, showcases viga wall decor, wood plank floors, built-in wood desk space and a luxury bath with a double vanity, walk-in shower and soaking tub.The new spacious designer closet provides ample luxury and storage.The third ensuite bedroom on the east side, ensures comfort and privacy, with decorative details and an ensuite bath with granite counter and a whimsical walk-in snail shower. Indulge in the spectacular vistas around the outdoor oasis with a pool, spa, water feature and a spacious covered patio. The negative edge pool and raised spa, accompanied by a boulder water feature, offer hours of enjoyment. Multiple areas for conversation, sunning and dining create the perfect backdrop for intimate gatherings or large get togethers. Wind down the day sitting by the fire pit, appreciating the sunset and night lights magically become the twinkling stars of the dark sky. Located in the prestigious Desert Mountain community, enjoy proximity to the Sonoran Club for pickleball, tennis, fitness classes and more. Explore the seven golf courses and scenic trails bordering the Tonto National Forest. This residence is not just a home; its a lifestyle a harmonious blend of elegance, comfort and the allure of the desert landscape. Welcome to your desert sanctuary.
7323 E Gainey Ranch Road Unit 4
Scottsdale, AZ 85258
$2,995,000
4
Beds
3.5
Baths
4,388
SqFt
Status
Active Under Contract
MLS #
6768591
Property Type
Single Family Residence
Price Type
--
RARE TOTALLY REMODELED HOME in Enclave #2, with unparalleled views of the Lakes #5 golf course, overlooking water, mountains, and with additional expansive views of the golf course on holes 2, 3 and 4. No expense was spared in this totally remodeled modern chef's kitchen with Waterfall Quartzite countertops, WOLF gas stove and center wok burner (propane), TWO Subzero Fridges with freezer drawers, and cabinetry from Plain and Fancy. This great entertaining 4 bedroom 3.5 bath home offers a quality paneled Library/bedroom on the main level with full bath, a great room with wet bar, and private media room. New windows and slider doors. Lutron electric window blinds throughout. The main rooms open to a fabulous backyard with pool and waterfalls, firepit, with spectacular golf course views. Enjoy all the amenities Gainey ranch has to offer. New ''state of the art'' Gainey Ranch Estate club with everything from tennis and pickle ball to a spacious work out facility. Close to shopping at the Gainey Village and walking to the Hyatt Hotel!
24882 N 124th Street
Scottsdale, AZ 85255
$2,995,000
3
Beds
3.5
Baths
3,939
SqFt
Status
Active
MLS #
6761816
Property Type
Single Family Residence
Price Type
--
Discover your dream home in the prestigious Troon North, renowned for its exceptional desert golf experience. This stunning newly built residence boasts 3,939 sqft of sophisticated living space on a sprawling 1.68-acre cul-de-sac lot. Step inside to find an expansive open floor plan featuring a great room setup, ideal for modern living and entertaining. The layout includes 3 bedrooms with on-suite luxurious bathrooms, with upgraded tile flooring and exquisite cabinetry. The chef's kitchen is a culinary haven, equipped with a Wolf stove, a Subzero fridge and a butler's pantry with a bar counter right next to the dining room perfect for creating gourmet meals while enjoying the company of family and friends. The master suite is a true sanctuary, featuring a custom closet and an a master bathroom that has been thoughtfully designed with a separate tub and walk-in shower. Additional features include a bonus room that could also be used as a bedroom, with at attached den. Enjoy the practicality of an oversized garage with epoxy flooring, added garage closets, and a convenient drop zone. The professionally landscaped backyard is a private oasis, complete with a sparkling swimming pool, BBQ area, and extensive hardscape for entertaining.
36975 N Mirabel Club Drive
Scottsdale, AZ 85262
$2,995,000
4
Beds
4.5
Baths
4,002
SqFt
Status
Active
MLS #
6764283
Property Type
Single Family Residence
Price Type
--
VERY RARE 4 bed, 4.5 bath plus flex room golf villa in the Mirabel Club w/ an even more rare 3 car garage and access to a FULL GOLF MEMBERSHIP per club bylaws & application approval. This home has extensive upgrades inside & out. The spacious master suite has 2 walk-in closets & a cozy fireplace and large sitting room. Enjoy the large open, split floor plan & separate entry guest casita. Each bedroom has its own ensuite bath. The great room has a stone fireplace and vaulted ceilings with wood beams. The kitchen is complete with Wolf/Subzero/Cove appliances, custom cabinetry, large walk-in pantry, & custom granite. Multiple sets of cedar French doors bring the outside in. The private backyard backs up to open space w/ mountain views. The pool & spa includes 3 soothing waterfalls.
41633 N 102nd Way
Scottsdale, AZ 85262
$2,995,000
4
Beds
4
Baths
4,017
SqFt
Status
Active
MLS #
6550769
Property Type
Single Family Residence
Price Type
--
Golf Membership Available- Striking Southwest Contemporary located in the elevated village of Saguaro Forest in Desert Mountain. The generous homesite located off the 6th hole of the Chiricahua golf course provides privacy with outstanding views of the boulders of Apache Peak all the way around to the blazing sunsets of Black Mountain. Stacked stone walls and columns, clean lines and angles and an abundance of glass are admired inside and out. Enjoy family and friends in the open and inviting great room with soaring multi-level curved ceiling details, the walls of windows to the patio and the cozy warmth of the fireplace. The stately wet bar with bar seating adds to the appeal of the great room experience. Seamlessly move into the well-designed kitchen with two islands, one with stainless steel farm sink and appliances, pendant lights and bar seating, the other a buffet-like linear island with lots of counter space, bar seating and cabinets for storage ideal for larger gatherings. The open dining space furnishes seating for up to12 along with patio access allowing for the Arizona casual indoor-outdoor lifestyle. Step outside to a desert oasis for a dip in the pool, listen to trickling water of the boulder fountain and relax any time of day on the expansive patio. The view fencing allows exquisite desert and mountains vistas at the same time protecting the privacy of the home. The built-in barbecue is perfect for Alfresco dining and the spa and firepit a joy for star gazing at night. Back inside, through a double door entry, the owners retreat is a treasure. The spacious bedroom with fireplace and outdoor access to a private patio invites rest and relaxation. The luxury spa bath with jetted tub, two vanities, one with make-up space, double walk-in shower, separate water closet and two walk-in closets delivers ultimate lavish living. First thing enjoy coffee in the morning or wind down with wine in the evening with the coffee/wine bar. The sizeable workout room will keep you fit while enjoying the stunning views. In the same wing of the home the spacious office with built-in double desk and murphy bed with shelves is the perfect office and can also be a 4th bedroom if needed. The adjacent full bath with walk-in shower serves as a 4th bedroom bath or powder for all. Two beautifully appointed ensuite bedrooms, one with patio access, are found in the opposite side of the home. Privacy and comfort appear foremost in these family and guest accommodations. The roomy laundry with upper and lower cabinets, sink and faucet, folding counters and ironing station turn chores into pleasures. Easy access from the finished 3-car garage completes the guest wing of the home. The finest of finishes; Cherry doors and Shaker style cabinetry, granite and tiled vanities, counters and surrounds,18 polished limestone floors, carpeted bedrooms and office and contemporary light fixtures are seen throughout. Saguaro Forest is a superb location within Desert Mountain, close to club houses, golf courses, restaurants and the award-winning private hiking trails. Membership available to be purchased with this property. A 30-day Membership application review and approval is required. Contact the Desert Mountain Club for details.
34749 N 83rd Way
Scottsdale, AZ 85266
$2,995,000
4
Beds
4.5
Baths
3,627
SqFt
Status
Active
MLS #
6659874
Property Type
Single Family Residence
Price Type
--
Welcome to the epitome of contemporary luxury living in the exclusive gated community, The Reserve at Black Mountain. This brand-new contemporary single level showpiece, crafted by the renowned Toll Brothers, fulfills every item on today's discerning buyers wish list offering an open great room floor plan, a resort-style outdoor oasis, generous 3 car garage space and breathtaking panoramic views of the majestic mountains, colorful sunsets and lush Sonoran Desert. As you step through the inviting front portico entry into the front courtyard, the metal and glass front door opens to the foyer and sets the stage for the grandeur that awaits. The great room with a stunning 60'' linear fireplace with floor to ceiling tiled surround, draws the eye upward to the soaring 16' beamed ceilings extending through the open dining space, while south-facing windows frame the picturesque mountains of Pinnacle Peak and beyond. Designed for both culinary enthusiasts and entertainers alike, the adjacent kitchen boasts an oversized island adorned with sleek Quartz countertops, Wolf/Subzero appliances, 2 dishwashers, modern pendant lighting and bar seating for 4. Abundant Shaker cabinetry, subway tile backsplash and a generously sized walk-in pantry add both style and functionality to this culinary dream. The seamless indoor-outdoor flow is achieved through a four-paneled glass wall system, effortlessly connecting the dining area to the outdoor patio- an ideal setting for alfresco dining and conversation. Retreat to the expansive Primary Suite, where numerous windows invite natural light and showcase panoramic vistas. Indulge in the luxurious bath featuring double vanities, a freestanding soaking tub and a double walk-in shower graced with floor-to -ceiling tile - a sanctuary for relaxation and rejuvenation. The spacious designer closet offers ample storage and organization, adding a finishing touch of opulence. Adjacent to the main living area, a doorless office overlooking the front courtyard provides a tranquil workspace for remote endeavors. For family and guests, a beamed ceiling den beckons with its wall-to-wall entertainment center and glass wall system opening to the front courtyard, ensuring comfort and enjoyment for all. The home's thoughtful design extends to the two connecting ensuite bedrooms, each appointed with ensuite baths and plush low pile carpeting - a retreat of privacy and serenity. The comprehensive laundry with outdoor access caters to pool time, anytime. The poolside casita offers an additional retreat, complete with a breakfast bar, wood plank look tiled floors and a luxury bath - an ideal space for extended stays or hosting guests in comfort and style. The resort-style backyard entices with a linear pool with Baja shelf, raised spa, patio sunning space, and an expansive covered patio with heaters offering living and dining space - perfect for outdoor gatherings and leisurely afternoons. The Astro turf and desert landscape provide an effortless outdoor experience. For enchanting sunsets, starry nights and warmth, gather around the substantial firepit with lava rocks. Thoughtful upgraded finishes throughout have elevated the distinction of this home. Nestled in North Scottsdale, this home offers a wonderful life refuge remaining in proximity to dining, shopping and fabulous outdoor adventures. Welcome to a lifestyle of unparalleled luxury and refinement. Home has been pre wired for shades as well.
8742 E Villa Cassandra Drive
Scottsdale, AZ 85266
$2,995,000
5
Beds
5.5
Baths
4,464
SqFt
Status
Active
MLS #
6769643
Property Type
Single Family Residence
Price Type
--
Enjoy the lap of luxury in this beautiful 4,500 sq ft gated desert oasis property complete with 5 bed 5.5 baths with an attached casita. Sitting on almost an acre this home truly highlights what it means to enjoy the indoor outdoor lifestyle of North Scottsdale. With an incredible low maintenance resort style backyard with heated pool and spa as well as a custom built in BBQ that will extend those pool days into a perfect meal under the stars. Complement all of this with a private courtyard and fireplace plus an oversized 3 car garage, your search just might be over
21330 N 78th Street
Scottsdale, AZ 85255
$2,995,000
5
Beds
4.5
Baths
4,089
SqFt
Status
Active
MLS #
6763817
Property Type
Single Family Residence
Price Type
--
Welcome to this beautiful, meticulously remodeled home nestled in the exclusive gated side of Raptor in Grayhawk of North Scottsdale. Offering a blend of modern luxury and convenience, you'll immediately notice the attention to detail and craftsmanship setting this home apart. With a spacious split floorplan enhanced by rich European oak wood flooring and natural light streaming in through large windows offering open space views, this home boasts comfort and functionality intertwined with elegant finishes. The updated kitchen is a masterpiece, featuring custom flat panel cabinets and stunning Taj Mahal and Panda marble countertops. Whether you're preparing a quick breakfast before school or hosting an event, this kitchen is equipped for every culinary occasion. The outdoor living space is an oasis, surrounded by lush vegetation and backing to a desert wash. The sparkling pool is a focal point, enveloped by a perfect balance of turf and stone creating walkways and patios for lounging by the pool or enjoying cool desert evenings by the firepit. A built-in barbeque makes it ideal for family cookouts or entertaining. This coveted golf community offers the perfect environment for families with walking distance to top-rated schools, parks, shopping or dining and a short drive to HonorHealth Scottsdale Thompson Peak Medical Center, Mayo Clinic and more. Truly the best of all worlds, this beautiful home is a luxurious retreat with easy access to the best of North Scottsdale living.