Lakefront Property Investment Jitters ?
June 20th, 2008 categories: Real Estate News
When using an experienced lakefront Realtor, you will obtain a property for the best price and be able to see your property appreciate. If the property is priced way above the assessed value, it should be compensated by upscale improvements to more than offset the difference. There are some exceptions in the Finger Lakes, but as most New Yorkers know, tax assessments should be around 100% of market value. Your lakefront Realtor should be able to assist you in this information. Currently my investment buyers are targeting properties below or right at assessed value. This will helps to assure a good return on their investment. There are several ways to acquire an investment property.
I wrote an original article a couple of years ago after observing several people utilizing jumbo loans to secure properties they desired. There really are so many other options when purchasing high end properties.
- Cash – yes, cash is still king. Cash is also a great negotiator
- Using other properties as equity
- Self directed IRA monies
- 1031 exchange
- Owner financing, it never hurts to inquire
There are options, so try to think outside of the box. I currently have one client that is selling one of his businesses. As a condition of this sale, is the purchase of a lakefront property by him.
The original article;
Are Jumbo Loan Rates Scaring You? From Buying A Resort Property?
So you spent a week at your favorite lake, be it Canandaigua, Keuka, or Seneca, had a great time and thought how perfect it would be to own a home like this, to have for the family enjoyment as a vacation home and possibly an investment. Then you talked to your mortgage,lender . The story now takes a twist…the property your are interested in puts you into the Jumbo Loan categor
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There are ways around setting the entire loan up under the Jumbo category. First, if you have another investment property, you can sell it and transfer the capital gains into the new property utilizing the 1031 tax exchange. This will minimize the amount of monies being borrowed against the property. Second, you can procure a loan up to the jumbo loan limit and then secure an additional loan for the difference. These are options that can be better explained by your loan officer.
Currently lake front properties are still appreciating and with loan rates being as low as they are, it is the perfect time to purchase your favorite spot in the Finger Lakes.
Information by Mary St George – your lakefront property specialist in the Finger Lakes, representing the finest in lakefront properties.
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A standard or conforming mortgage is a key concept as it often defines whether or not the mortgage can be easily sold or securitized, or, if non-standard, may affect the price at which it may be sold. In the United States, a conforming mortgage is one which meets the established rules and procedures of the two major government-sponsored entities in the housing finance market (including some legal requirements). In contrast, lenders who decide to make nonconforming loans are exercising a higher risk tolerance and do so knowing that they face more challenge in reselling the loan. Many countries have similar concepts or agencies that define what are “standard” mortgages. Regulated lenders (such as banks) may be subject to limits or higher risk weightings for non-standard mortgages. For example, banks and mortgage brokerages in Canada face restrictions on lending more than 80% of the property value; beyond this level, mortgage insurance is generally required
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The “buying first home” jitters are a natural nag, and definitely something you should heed and not ignore. You must approach this major commitment with caution and with both eyes open. Being completely at peace with your decision to purchase is the first definite step to making your first home, a true dream home!
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