You've decided you want a fun place in the sun near Disney and you're clear about your reasons why. So what's next?
One of the biggest mistakes people make is jumping into their vacation home search before they know what they're doing. People spend hours searching the internet or wasting gas driving around during their vacation to find a home that they might not be able to afford anyway.
Many people, overwhelmed and discouraged, give up at this point because they don't find the right one. But if you're really ready to make it happen, you'll let your excitement drive you forward to making good decisions about this investment one step at a time.
Step #2 in buying any house is to get pre-qualified for a loan, that is, unless you're paying cash. Many Realtors won't even meet with you until this is done. And for good reason. Why waste your time and energy looking at homes that are out of your price range?
Resist the urge to jump in and look at all the homes you'll really love until you know what you can afford. And if you're paying with cash, now is the time to take stock of your finances and determine your ideal purchase price. If you're buying from overseas, your Realtor will be able to connect you with resources for the exchange and for wiring payments. Paying cash can mean lower closing costs and of course less long-term expenses.
When buying a new construction income vacation home, be aware that some builders have preferred lenders. Using the preferred lender, in many instances, will save time and headache. When a closing is delayed because of your chosen lender, builders may charge some pretty hefty fees that accrue daily.
How will you know which lender to go with for your pre-approval?
You're not required to use the lender you get the pre-approval from. You may get it and then decide to go with another lender.
One option would be to contact a Realtor who specializes in new construction vacation homes. She can give you information on preferred lenders of the highest-quality builders.
Getting pre-qualified for a mortgage is the first financial step towards buying a dream vacation home. Stay tuned for additional financial issues to be prepared for when buying that new construction vacation home.
Send me an email if you'd like a list of the best new-construction short-term rental-approved vacation homes near Disney. OrlandoRealtorNicole@gmail.com
