Have you ever thought about buying your own piece of paradise in some vacation destination? It may be easier than you think! Whether it’s a one bedroom cottage by a lake or a four bedroom ocean front island condo, it would Your Own Vacation Home that you can visit whenever you want. The truth is that most people don’t consider purchasing their own vacation getaway, they feel that that is something reserved for celebrities, the rich and famous or a least the upper class. However, once upon a time that may have been true but, the recession that this country faced just a few short years ago has made this a definitely possible for many people.
Prior to the recession real estate values had risen to an all time high, loans were fairly easy to obtain and the banks were often willing to loan more money than a property was worth. Then, the recession hit, jobs were lost, unemployment rose and the value of real estate plummeted and many people found themselves upside down on their loans. As a result many people were unable to afford their vacation homes and they were lost to the banks. Soon the banks were overloaded with properties and no buyers. A few years have since pasted and there are still plenty of vacation properties available for purchase and often for a terrific deal.
Methods for Owning Your Own Vacation Home
1. Look for vacation properties for sale by private owner. Many people bought vacation homes they couldn’t really afford with the intent of reselling them quickly for a nice profit. Instead, the bottom fell out of the housing market, homes quit selling and even though they were able to keep the home it’s caused them a financial hardship. These individuals are motivated to sell and quite often you can pick up your dream vacation home for a substantial savings.
2. Look for foreclosures and short sales. Banks and lending institutes are interested in money not real estate. But, over the last few years these lenders have been forced to foreclose on an abnormally high volume of homes, many of which were second homes or vacation homes. The banks need to turn their real estate holdings into cash, and I know of many individuals that were finally able to acquire a vacation home due to the small amount of money the bank was willing to accept.
3. Purchase your vacation home from a tax sale. Banks and lending institutes weren’t they only ones to acquire individuals vacation properties. During the recession many people simply didn’t have the money to pay the property tax on their vacation home. As a result, counties in states all across the country either imposed a tax lien against the delinquent property owners or acquired the deed to the property. Just like the banks, the county government has no use for real estate; they need cash to run the county. Periodically, the county will sell tax lien certificates or tax deeds in order to generate the money they require. Many individuals have been able to purchase their vacation home from a county held tax deed sale. I know of one person that purchased a condo on one of Georgia’s barrier islands at a tax deed sale. They were able to acquire of vacation condo in a beach resort for 60% below the original market value; this is a vacation home they would have been unable to afford otherwise.
The great recession we experienced a few years ago created both hardships and opportunities. A decade ago many believed the idea of owning their own vacation home was only a dream, however, with the events that have taken place over the past few years for many that dream has become a reality.