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.
Click Here to See What Your Home is Worth
15512 E Desert Hawk Trail
Fountain Hills, AZ 85268
$2,850,000
4
Beds
6.5
Baths
5,582
SqFt
Status
Active
MLS #
6765753
Property Type
Single Family Residence
Price Type
--
Welcome to this stunning Firerock home, where luxury and comfort converge. Designed for seamless living, this gem lives like a single level and boasts a lower walk-out level with a game room, wine room, and a private movie theater. The great room, adorned with an automatic slider, opens to an enormous covered balcony—perfect for indoor/outdoor entertaining. A Cantera fireplace with fire crystals adds warmth and elegance. The heart of the home is the gourmet kitchen, featuring not one but two kitchen islands and top-of-the-line Viking appliances. All bedrooms are en-suite, ensuring privacy and convenience. Additional highlights include a separate casita, a cutting-edge Lutron automated lighting system, custom drapery, and exterior sensor shades. Movie enthusiasts will appreciate the dedicated theater room, while an elevator adds practicality. Step outside to the resort-style backyard, complete with a spacious covered balcony, large patio, and two built-in BBQ areas. The pool, spill-over spa, water feature, and fire pots create an oasis for relaxation. Plus, this home is equipped with four new HVAC units and a brand-new tile roof backed by a 40-year transferable warranty.
2201 E Marshall Avenue
Phoenix, AZ 85016
$2,850,000
5
Beds
3.5
Baths
5,777
SqFt
Status
Active
MLS #
6776052
Property Type
Single Family Residence
Price Type
--
THE Luxury Mid-Century Modern home you've been waiting for! Near-acre irrigated lot offers a desert botanical garden-landscape in a coveted Biltmore-area location. Boasting 5777/SF+- of MCM perfection and space for all: 5 beds, 3.5 baths, gallery, studio and guest house; architectural details include vaulted/beamed ceilings, clerestory windows, terrazzo floors, abundant light. Updated primary suite and kitchen offer custom built-in detail. Primary suite has generous closets, luxurious bath and office. Step-down living room commands conversation w/'60's-era quarried rock fireplace. Period-perfect center door knob welcomes; original wood elements and floor to ceiling windows anchor the home to the outside. Resort-style heated pool, generous patios & water feature exude serenity-WOW!!! MORE Features: Coveted Location in the Biltmore/Camelback Corridor True MidCentury Modern Architecture Exceptional & varied MCM Rooflines Over 5700 SF Home on a 36+K SF Pristine Lot 5 Beds; 3.5 Baths, w/ Guest House!!! Lush Landscaping & Exquisite Cacti Specimens Botanical Garden-Esque Paths of Serenity Pride of Ownership Present at Every Turn Roof Overhangs & Deep Shade Pockets Roof Recoated in '19 & one 5 Ton Trane HVAC in '22 Lovely Wood & White Kitchen w/ Loads of Storage Walls of Windows, Skylights & Clerestories Envelopes Light Vaulted & Beamed Ceilings & Repetitive Columns add Symmetry Living Room has Spectacular Spaces that Inspire Step Down Living Room Commands Conversation Terrazzo Floors Inside w/ a Scored Concrete Pool Surround Dramatic Angular Heated Pool Invites a Look & Dip Water Feature Connects Garden to Pool Seamlessly Patios & Special Enclaves Throughout Build-In's in the Home Office you Need Art Crafted Gates & Circular Paths Usher You In 60's Quarried Rock Wall & Fireplace of Time Gone By Central Door Knob Accentuates this Period Front Door Inverted Corner adds Visual Interest Primary En-suite: 2-Sided Vanity, Jetted Tub & Shower NO HOA Workshop/Studio, Game Room, Bonus Spaces, Office 2 Car Garage Plus 1 Carport & More Parking North South Exposure & Mountain Views
4420 N 29th Street
Phoenix, AZ 85016
$2,850,000
4
Beds
4.5
Baths
3,811
SqFt
Status
Active
MLS #
6744731
Property Type
Single Family Residence
Price Type
--
This exquisite single-family residence offers over 3,800 square feet of luxurious living space, featuring 4 spacious ensuite bedrooms and 4.5 bathrooms. Nestled on a nearly 13,000 square foot lot on a cul-de-sac, this home boasts breathtaking views of Camelback Mountain and Piestewa Peak. Step inside to discover high ceilings that create an airy ambiance, complemented by an abundance of natural light throughout. 10 foot tall multi-slide doors, butted glass windows & staircase, imported large format tile, temperature controlled walk-in wine storage & hardwood floors set this masterpiece apart. The gourmet kitchen is a chef's delight, equipped with top-of-the-line Wolf and Sub-Zero appliances, perfectly suited for culinary enthusiasts. Enjoy hosting family gatherings with the convenience of a secondary kitchen and multiple living areas that provide ample space for relaxation and entertainment. The outdoor oasis features a sparkling pool, ideal for cooling off during those warm Phoenix days or enjoying sunset views with friends and family. The property also includes a 3-car garage and electric vehicle outlets, ensuring your modern lifestyle is accommodated with ease. Don't miss this unique opportunity to own a slice of paradise in one of Phoenix's most sought-after locations. Experience the perfect blend of luxury and comfort!
40485 N 109th Place
Scottsdale, AZ 85262
$2,850,000
4
Beds
4.5
Baths
4,800
SqFt
Status
Active
MLS #
6745877
Property Type
Single Family Residence
Price Type
--
This beautiful, meticulously maintained custom home boasts an ideal floor plan.The open-concept layout features a chef's kitchen & wet bar, seamlessly connecting to the expansive dining and living areas, enhanced by mountain & city light views.The luxurious primary bedroom offers a cozy fireplace & direct access to the backyard, while the primary bath is a haven of comfort with 3 separate vanities & two walk-in closets. A dedicated bedroom wing includes 2 ensuite bedrooms & a 300 sq ft casita with a fully equipped kitchen.The outdoor living space is equally impressive, featuring a negative-edge pool & spa, a firepit, a built-in BBQ, & a large covered patio, perfect for entertaining. Enjoy panoramic 360-degree views from the upper deck. A Four Seasons Membership is available upon approval
11559 E Caribbean Lane
Scottsdale, AZ 85255
$2,850,000
5
Beds
3.5
Baths
3,987
SqFt
Status
Active
MLS #
6744280
Property Type
Single Family Residence
Price Type
--
Nestled within highly sought-after McDowell Mountain Ranch. This stunning home with magnificent mountain and city light views sits on a generous, elevated, cul-de-lac lot in the prestigious 24 hour gated community of Cimmaron Ridge (Hills). As you step through the entrance, you are welcomed by an impressive circular foyer adorned with elegant stone accents, setting the tone for the luxury that awaits. The main living room, featuring a striking stacked stone fireplace, seamlessly flows into the formal dining area, which is graced by a wall of windows framing breathtaking mountain views. Throughout the home, travertine flooring adds a touch of timeless sophistication. The gourmet kitchen has been meticulously remodeled, boasting pristine white cabinetry, gorgeous stone countertops, stainless steel appliances, a Sub-Zero refrigerator and freezer, new dual ovens, a 6-burner gas range, convenient pull-out drawers, and a central island that opens to the expansive great room. Here, you will find another inviting fireplace with designer tile surround, along with a custom-built entertainment center complete with a wine fridge and beverage fridgeperfect for entertaining. The primary suite is a true sanctuary, featuring wood shutters, a spa-like remodeled bath, and dual walk-in closet with custom built-ins and a shower with multiple shower heads and body jets. All additional bedrooms are generously appointed, with the flexibility of an office that could serve as a fifth bedroom, a separate bonus room, and private guest quarters with their own entry. Outside, the resort-style backyard is nothing short of spectacular, offering expansive city light and mountain views. Enjoy the luxurious infinity-edge pool and spa with cascading rock water features, practice your swing on the putting green, or entertain with a built-in BBQ and built-in firepit area with built-in seating. Enjoy all the additional community amenities that include, multiple heated pools, tennis and pickleball courts, a work-out facility, children's playground with splash pad and miles of scenic hiking trails. Call us today to schedule your private showing.
2112 Forest Mountain Road
Prescott, AZ 86303
$2,850,000
5
Beds
5.5
Baths
6,019
SqFt
Status
Active
MLS #
6690696
Property Type
Single Family Residence
Price Type
--
Stunning and serene home in the luxurious community of Hassayampa Village. This extraordinary property will captivate you upon your arrival! Gorgeous gourmet chefs kitchen featuring an Earthstone pizza oven, built-in Miele coffee machine, ample cabinets and countertops. Family room space is cozy with uniquely designed fireplace. Living room architecture commands attention with its soaring ceiling, wall of windows, hardwood floors and breathtaking views of Thumb Butte. Main deck just off living room is a phenomenal spot for dining and stargazing. Master suite has remarkable fireplace, wet bar, dual vanities and closets, garden tub, and large shower. Step out onto you private deck with spa, fireplace and incredible views. Office/den, laundry room and 2nd full bath on same level as master. Lower level features 2 bedrooms- 1 ensuite, steam shower bathroom, dry sauna, wet bar, Cinema style theatre room, wine cellar and additional stackable washer/dryer closet. Large loft consists of wet bar and great view overlooking the living room, a cozy 4th bedroom with fireplace and bathroom. The office/den does make this easily a 5 bedroom home if space is needed (closet in pictures). 3 car garage, 4 outdoor entertaining spaces, 3 fireplaces as well as a fire pit off family room patio that puts you right in touch with nature! New lower deck addition with brand new Endless X500 swim spa (Completed April 2024). This sensational home not only offers unmatched luxury but was originally designed as a corporate retreat!
10662 E Mark Lane
Scottsdale, AZ 85262
$2,850,000
4
Beds
4.5
Baths
4,266
SqFt
Status
Active
MLS #
6756792
Property Type
Single Family Residence
Price Type
--
ONE OF A KIND custom Home situated on a premium .82 ACRE lot PERCHED above the Troon Monument GOLF COURSE in GATED Pinnacle Canyon. Enjoy BREATHTAKING VIEWS of the course & mountain vistas! The Wonderful SPLIT Floorplan boasts a Large Primary Retreat, all ENSUITE BEDROOMS, an EXECUTIVE OFFICE & a DETACHED 1/1 CASITA! The thoughtful design features 12-foot ceilings paired w/ expansive picture windows, elegant formal living & dining rooms, spacious great room, a chic wet bar & cozy fireplace to create the ideal setting for both everyday living & upscale entertaining. The grand kitchen includes double ovens, butlers pantry, Kitchen island w/ breakfast bar & an abundance of cabinets! Relax in the backyard oasis by the pool, spa, tranquil water feature, fireplace or firepit! BRAND NEW Roof!
750 Rhapsody Road
Sedona, AZ 86336
$2,850,000
4
Beds
4
Baths
4,125
SqFt
Status
Active
MLS #
6734090
Property Type
Single Family Residence
Price Type
--
SWEEPING 360 VIEWS OF SEDONA from three levels! Tucked into the forest on two sides & overlooking all of Sedona West from Jerome to Cathedral & Bell Rock South, all across Sedona to Mogollon Rim & Sedona's uptown rock monoliths as the town gives way to Oak Creek Canyon! In addition, an office & artist studio are included in the 4,125 sq ft. The home is the crown jewel on Eagle Rock in highly sought-after West Sedona. Dawn to dusk nature entertains as the legendary Sedona red rocks turn incredible colors of pink, orange & magenta as sun & shadows migrate the landscape. Every room offers natural light & rooms wrapped in views w/decks to extend the experience outside. The kitchen is generous in size with polished granite counters, see supplement.. stone backsplash, wine fridge & stainless appliances, a breakfast bar & great room dining. A 21'x27' deck off the great room offers a dining space, hot tub, firepit & lounge area. The cozy primary bedroom features beautiful tiger wood flooring, complemented by a private patio with access to the national forest. Wake up to the breathtaking views of stunning red rocks in this inviting love nest. The bath reveals a glass surround shower & soaking tub with a view! Cabinetry is topped with dual vanities and polished solid granite counters. Guest rooms, including a second master suite with a private patio, are located for privacy. The top-level room, a 569 sq. ft. sunroom/art studio, is wrapped in forever views and has a deck overlooking forestry & red rock wonders. Outdoor enthusiasts with revel in the easy access to premier hiking trails like Sugarloaf, Thunder Mountain, and Soldier's Pass. 2-car garage is long, providing workspace. Low maintenance, lock & leave property with security system. From EVERY ANGLE of the outdoor space, your eyes are thrilled by red rocks! Never before offered & sure to sell quickly.
37200 N Cave Creek Road Unit 1014
Scottsdale, AZ 85262
$2,844,437
3
Beds
3.5
Baths
3,425
SqFt
Status
Active
MLS #
6716311
Property Type
Single Family Residence
Price Type
--
**MEMBERSHIP AVAILABLE - CONTACT FOR DETAILS** WELCOME TO THE VILLAGE AT SEVEN DESERT MOUNTAIN! BUILT BY THE AWARD-WINNING CULLUM HOMES, THESE DISTINCTIVE ''LOCK-N-LEAVE'' RESIDENCES ON ALL 33 LOTS EITHER BACK UP TO THE 13TH HOLE OF THE RENEGADE GOLF COURSE, OR THE 10TH AND 11TH HOLE OF THE SEVEN DESERT MOUNTAIN® GOLF COURSE. CHOOSE FROM FOUR DIFFERENT BASE FLOOR PLANS, WITH SINGLE AND TWO-LEVEL OPTIONS AVAILABLE, AS WELL AS THE OPTION TO ADD A ''19TH HOLE'' BASEMENT ENTERTAINMENT ZONE COMPLETE WITH INDOOR GOLF SIMULATOR, GLASS-ENCLOSED COLLECTOR CAR SHOWROOM, THEATER, WET BAR AND OTHER AMENITIES. THIS MESQUITE FLOOR PLAN, IS A SINGLE-LEVEL HOME WITH LIVABLE SQUARE FOOTAGE AT 3425 SF, FEATURES 3 BEDROOMS AND 3.5 BATHROOMS, WITH A 3-CAR GARAGE. SPACIOUSLY LAID OUT SPLIT FLOOR PLAN. OPEN GREAT ROOM WITH A MODERN LINEAR-STYLE BUILT-IN FIREPLACE AND GLASS WALLS FOR VIEWS, WITH AN OPTION FOR INDOOR/OUTDOOR POCKET DOORS. FAMILY/GAME ROOM BETWEEN THE TWO GUEST BEDROOMS. FORMAL DINING AREA. KITCHEN AREA WILL HAVE A LARGE CENTER ISLAND WITH EAT-UP BAR SEATING, ALL STAINLESS-STEEL TOP-OF-THE-LINE WOLF SUB ZERO APPLIANCE PACKAGE, WALK-IN PANTRY. OWNERS SUITE WITH A SEPARATE EXIT OUT TO THE BACK YARD, DUAL SINK VANITIES IN THE BATH, SEPARATE SHOWER AND SOAKING TUB, WALK-IN CLOSET WITH BUILT-INS. TWO ADDITIONAL GUEST BEDROOMS, BOTH WITH EN-SUITE BATHS AND WALK-IN CLOSETS. LAUNDRY ROOM WITH EXTRA STORAGE SPACE AND LAUNDRY TUB AND A POWDER ROOM. HOMES ARE EQUIPPED WITH THE LATEST SMART-HOME TECHNOLOGY WITH FULL HOUSE AUTOMATION AVAILABLE. ENERGY EFFICIENT AND LOTS OF HEALTHY HOME FEATURES ALSO INCLUDED. FRONT YARD LANDSCAPING INCLUDED. HOMEOWNERS AT SEVEN DESERT MOUNTAIN WILL BECOME WITHER A LIFESTYLE OR EQUITY GOLF MEMBER AT DESERT MOUNTAIN, GAINING ACCESS TO ITS WORLD-CLASS AMENITIES INCLUDING THE NEWLY RENOVATED SONORAN SPA AND FITNESS CENTER, TENNIS COMPLEX, HIKING AND BIKING TRAILS, SIX ADDITIONAL PRIVATE GOLF COURSE, LUXURIOUS CLUBHOUSES AND RESTAURANTS. COMMUNITY IS GUARD-GATED 24/7 FOR THAT LOCK-N-LEAVE LIFESTYLE ONE SO DESIRES.
19777 E Ivy Lane
Queen Creek, AZ 85142
$2,841,700
4
Beds
3.5
Baths
4,360
SqFt
Status
Active
MLS #
6688276
Property Type
Single Family Residence
Price Type
--
Welcome to the epitome of luxury living in the esteemed Whitewing at Whisper Ranch community! This immaculate newer home boasts unparalleled elegance and amenities, perfect for those seeking the pinnacle of modern comfort and style. The spacious layout boasts high ceilings, abundant natural light, and impeccable attention to detail throughout. The heart of the home is a gourmet kitchen featuring top-of-the-line appliances, custom cabinetry, and a generous island, perfect for culinary adventures and gatherings. The epitome of outdoor luxury living awaits in the expansive backyard sanctuary, where endless entertainment possibilities abound. Dive into relaxation in the sparkling diving pool or challenge friends to a friendly game on the sport court. A charming gazebo provides the perfect spot for al fresco dining or enjoying evening cocktails under the stars. For those with a penchant for adventure, the RV garage provides ample space to store your recreational vehicles, ensuring you're always ready for your next excursion. Plus, a guest house, visitors will feel right at home while enjoying their own private retreat. Located in the prestigious Whitewing at Whisper Ranch community, this exceptional home offers the perfect blend of privacy and convenience, with easy access to shopping, dining, and outdoor recreation. Don't miss your opportunity to experience luxury living at its finest!
28083 N 109th Way
Scottsdale, AZ 85262
$2,800,000
4
Beds
4.5
Baths
3,500
SqFt
Status
Active
MLS #
6655145
Property Type
Single Family Residence
Price Type
--
Serene is brand new gated enclave of 21 cutting edge single level contemporary homes designed by Swayback Architects & Planners and built by Sonora West Development. Each Serene home brings a new definition to the ''Lock and Leave'' lifestyle with open Great Room floor plans perfect for both entertaining and everyday living. There are four different models to choose from with lavish interior finishes created by renown interior designers Est Est. This Model B has an office and 2 car garage at 3,500/sf (Also available at 3,290/sf with 3 car tandem garage.) Either configurations available only on lots 1, 3, 5, 8 & 19. Base price shown does not include lot premiums but does include 25K pool and a 25k landscape allowance, Subzero & Wolf Appliances & BBQ. Backing to the North side of Pinnacle.. Peak Mountain in North Scottsdale, Serene is close to shopping, restaurants and over two dozen private and public golf courses. Don't miss your opportunity to take part in the Serene lifestyle.
37200 N Cave Creek Road Unit 1055
Scottsdale, AZ 85262
$2,800,000
4
Beds
4.5
Baths
3,041
SqFt
Status
Active
MLS #
6774624
Property Type
Single Family Residence
Price Type
--
Welcome to this exquisite modern Camelot villa, located in the prestigious SEVEN subdivision of Desert Mountain! This well thought out home offers captivating views and privacy. Upon entering, the expansive great room welcomes you, offering stunning northern views of the Continental Mountains and a luxurious patio space to enjoy. Boasting over 3,000 square feet, this home features 4 bedrooms, 4.5 baths, elegant flooring, custom cabinetry, stylish lighting, and breathtaking countertops throughout. The Primary bathroom offers heated floors, a steam shower, a dream-worthy closet, and towel warmers. The fully landscaped backyard is perfect for creating unforgettable memories, complete with a pool, BBQ, and fire pit. Adding to the luxury are the two separate casitas—an exceptional and rare feature! The innovative telescoping doors provide a seamless flow from the spacious interior to the stunning outdoor spaces, capturing the essence of Arizona's indoor-outdoor lifestyle. The gourmet kitchen is a chef's dream, equipped with state-of-the-art appliances. Every detail of this villa, from the beautiful landscaping to the meticulously designed spaces, has been curated for an unmatched living experience Furniture available under a separate agreement.