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If you’re dreaming about vacation homeownership near your favorite location, or buying a second home, a Residential investment loan may be right for you. Investment properties can be a great way to blend fun vacations with sound investing. While the benefits of owning a residential investment property are many, there are other factors to take into consideration when deciding to purchase a vacation home.

The main thing to think about before investing in a vacation home is whether or not you will use it enough to make owning more practical than renting or staying in a hotel. Depending on the amount you spend on accommodations, owning a vacation home may be less expensive in the long run. You may decide to rent your property while you’re away, which could generate additional income.

Another consideration is whether you will be able to invest the time and money into maintaining the home. Vacation homes come with additional financial responsibilities, like an additional mortgage payment, insurance, utilities, Homeowners Association fees, and more. If you plan on renting out your vacation home, you’ll need to weigh the risks and benefits of having another person or family temporarily live on your property. Take into account any repairs (cosmetic and structural) that may need to happen.


Benefits of Residential Investment Loans

  • Owning another home allows you to have a place to stay at one of your favorite locales: the beach, mountains, lake or wherever you choose.

You may have an opportunity to earn extra income if you choose to rent your vacation home. The cost of real estate investments can be offset using vacation rental sites like Airbnb or VRBO.

  • Renting out your vacation home may provide tax benefits in the form of depreciation expenses*.
  • A vacation home may be a good long-term asset to hold, as homes can increase in value.


If you’re interested in buying a vacation home, we can help you understand the financial and personal benefits that go along with the purchase. We’re ready to help you through every stage of homeownership: as you plan to buy, when you purchase, and even after you own your second home. From your mortgage application to enjoying your new vacation property, Summit Mortgage Corporation is with you.

Our mortgage bankers can help you carefully think through the many considerations to ensure your vacation home is restful and thoroughly delightful. Call today for a quick conversation to see if investing in a vacation home would make sense for you.


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*Restrictions apply. Consult your tax advisor regarding the deductibility of depreciation expenses.