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Let’s suppose you have been on the fence regarding the purchase of a vacation rental. You have a gut feeling others would rent the place, but you cannot afford to suffer an annual loss from the property.

Would additional income by renting it out income influence your decision to purchase a second home?

Let’s say you have come to the conclusion that there is absolutely no way you could afford a second home at this time in your life. Now, step back and put yourself in renter’s shoes. Would you rent the place you are considering to buy, for say for $250 a night, which is the cost of the cheapest hotel in the area?

OK, that’s $1,750 a week. And, you genuinely believe you know enough people who would rent this home for at least 10 total weeks this year?
Buyers often need renters to help offset their costs particularly in the first few years of ownership. Not only can renters help you get in the door now, but they can also provide steady income for you down the road – perhaps to travel in retirement.

Second-home owners often overestimate the time they can realistically use their property. Academic calendars, family reunions, can’t-miss business trips and basketball tournaments often get in the way of the only time you can everyone together at the beach or lake.

It’s often easier, however, to rent out your second home than you think. Friends from work, church, park leagues will be interested in spending their leisure time in your retreat. That’s because they know you – and will probably enjoy the same environment and experiences that you enjoy. Plus, HomeAway and National Association of Realtors studies show that there’s large groups of travelers who would like to take their family on vacation to a getaway like yours.

Remember, you don’t have to consider your second home exclusively for personal use. That’s the view most second-home buyers initially take, but times are changing because of the public’s quest for a variety of experiences.
You don’t have to be “tied down” to a second home and feel like it’s the only place you can spend your time. You would be surprised at the number of people who would welcome the chance to rent it while you are elsewhere in the world.

Can’t qualify for a loan? Flat checkbook? You still have some options. Here are a few proven routes that can deliver you to the doorstep of a recreation, investment or retirement home you can us for all three purposes over time:

Seller financing

Home sellers know that conventional money can be tough to borrow, especially for a second home, and that many solid loan applicants are finding it difficult to qualify for lender financing. Some sellers are willing to consider “carrying the paper” for a few years until other mortgage funds become available. The benefit to buyers is they save considerable loan fees while the seller broadens the net of potential purchasers by offering an attractive financing option.

In some cases, a rustic cabin does not qualify for bank financing due to inadequate water supply, septic or electrical service. The seller must agree to “play the bank” and work out private financing with the buyer. The parties are free to negotiate terms, including the down payment amount and the interest rate on the loan.

Pick a partner

Individuals, couples or families can combine their assets and purchase the property as partners. It often makes sense, especially for couples that enjoy being together yet know they will never be able to afford a getaway of their own.

Here’s a pick-a-partner example. Let’s say the Jacksons (no savings, good income) and the Roberts (some savings, low income) are golfing buddies. A deal is made where the Roberts would make the down payment and the Jacksons would make the monthly payments plus pay for all greens fees for three years. When they can’t use it, they rent it out. After three years, they refinance or sell the home and the Jacksons get their down payment back with a minimal interest allowance. The two couples split any appreciation upon sale.

Time to revisit VA

There’s another possible avenue available for second-home purchase, one that is often overlooked by veterans of military service. While federal regulations require that all loans insured by the Department of Veterans’ Affairs be used only to acquire a “primary residence,” it is possible to purchase a second home using your VA loan guaranty. As in many cases involving the use of real estate, the definition of primary residence is the place you live “most of the year.” So, if you use the home more than six months of the year, it can be defined as your primary residence.

If you are seriously considering the possibility of a second home, take time to do the research to see what’s possible.

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