Ready for a Retreat? Tips for Purchasing a Second Home

When summer finally hits and you start to dream of getting away on the weekends, it might be time to start looking at purchasing a second home. There are many reasons to purchase a second home and only some of them are financial, however, those reasons should not be overlooked.

Making the Purchase

Many people are surprised to find that purchasing a second home is very similar to purchasing a primary residence. One difference is that with a primary home, the down payment often comes from the sale proceeds of a previous home. So where do the funds come from for a second home? Don’t overlook the equity in your current home when thinking about your next purchase. Cambria® Mortgage™ can help you asses your options and find a program that uses your assets to your advantage. One of the best things to do is to talk to your mortgage consultant early in the process, even before you begin your search. This way, your mortgage consultant can help you become familiar with the process and programs available so that you can enjoy your search and find your perfect getaway.

Financial Benefits

Besides the potential tax benefits, there is also the ability to rent your second home when you are not using it. Right now, many services are available for you to find renters and create some additional income to offset the added mortgage. Make sure you think about things like location, access, and appeal to renters when looking at properties if this will be part of your plan. Also, work with your tax advisor to fully understand the tax implications of purchasing and renting out your second home.

Don’t Overlook the ‘Other’ Benefits

It is easy to get caught up in the financial reasons behind owning a second home, but don’t let those overshadow the other benefits. Summers in the Midwest are short, and often feel shorter. Take advantage of the time we have and use your second home to recharge your batteries and take some of the stress out of life. Find a property that speaks to you and you look forward to getting to whenever you can.

Call Cambria Mortgage

To get started, call Cambria Mortgage at 952-942-0110 or visit Our team of experts will provide personal, hometown service with sound advice and impeccable attention to detail at every step of the process.

Seasonal Migration; Not Just for The Birds

As the weather takes a turn for the worse, the thought of getting away to a warmer climate becomes more appealing. The term “snowbird” is often used to describe those who migrate from colder climates to sunny locations for extended periods each year. Becoming a snowbird and owning a home in another state can provide more than just a respite from the cold. Read on for more about the benefits of being a snowbird.

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When it comes to financial advice and guidance, it makes sense to talk to an expert. We asked Bruce Helmer, financial advisor and founder of Wealth Enhancement Group, headquartered in Plymouth, Minnesota, to share his proven strategies for success. He’s a regarded financial advisor, author, speaker, and radio host and says no matter where you are in life, you can use these tips to make the most of your savings dollars.