Poconos Vacation Home Buying Information
in Poconos Mountains vacation homes, USA Realty / Poconos office
has been providing personalized, professional service in the
Pocono Mountains for 32 years. Poconos PA homes, cabins and
land are our business. Poconos Vacation
real estate, vacation homes, commercial real estate and vacation
rentals, in the Poconos Mountains located in Northeastern PA less
than 2 hours from New York City or Philadelphia are our specialties.
The Poconos Mountains and USA Realty combine to create
some of the most attractive real estate opportunities in the Mount
Pocono, Lake Wallenpaupack and Jim Thorpe areas. Take a look at
our mountain properties in The Poconos and then feel free to contact
us for more information.
on Buying a Poconos Vacation Home for Sale
consider a few facts prior to purchasing a Poconos Vacation
Home. One out of three homes sold in 2007-23 was a vacation
home or investment property, indicating demand for second
homes remained strong despite a slow housing market.
for buying a second home are many and range from recreational
and vacation enjoyment to investment to retirement planning.
it is a "sellers market" in the Pocono Vacation
Home market, now you have to be extra careful when purchasing that second home that
you have been considering. Whether you're dreaming of a home
that you will consider for relaxing or for the long term
growth in profit, start with considering these four steps:
Decide if it's the right time for you to buy
what to look for in a second home
with your accountant about the tax implications
out the different types of ownership
About Poconos Vacation Home Security
About Second Home Ownership :
Median age of vacation home buyers: 46 (baby boomers own 57
percent of all second homes)
Median household income: $99,100
Median price of second home $260,000
No. 1 reason for buying: Family retreat
No. 2 reason: Future primary residence
No. 1 location to buy: Within 2 hours of primary residence
Most popular type: detached single-family homes, followed
by townhouses and condominiums
Most popular area: suburbs, followed by small towns, urban
areas, resort and vacation areas
Home Buying Tips
Your Main Reason For Buying a Vacation home
Most vacation home buyers want an active vacation spot, an
sound rental investment property, a future retirement home
or some combination of these. Before you begin to look, you
should decide on the priority of these reasons and how the
home will fit into your lifestyle along with a good idea of
how often you will use the home.
Find And Work Closely with an Experiences Poconos Real Estate
For second home b working with a seasoned, knowledgeable local
Poconos real estate agent or broker is imperative. Do not
wait until you are here to set an appointment. The good ones
will be booked days or weeks in advance. To get the best benefit
of working with an agent, begin before you come, ask for a
list of homes that meet a list of criteria that you create
prior to a visit. This helps keep the emotionality out of
the purchase and give the agent time to research all (including
the last minute listings) the homes that might work for you.
Get Mortgage Preapproval from Your Local Bank AND a Local
You will want to decide, in advance of looking, on the down
payment and monthly payment you can afford. Even if you are
counting on rental income to pay for a some of your mortgage,
don't get in over your head. And a preapproval with help you
convince the seller that you are serious. We can not tell
you how many of our customers over the years have said "
I wish I would have gone with a local Poconos Bank that knows
the market and understands second home buyers." Most
major banks and ALL mortgage brokers do second home mortgages
as an after thought. This means they are unprepared on how
to process them.
to Your Accountant About How a Second Home will impact your
Usually second home ownership will help you defer taxes to
the future and often at a lower tax rate. This is important
to understand and may impact the price range of a vacation
home purchase. For instance, if you rent your vacation home,
but stay in it at least two weeks a year (or more than 10
percent of the time it was rented, whichever is longer), you
can deduct your mortgage interest and property taxes. An investment
property or a home that's rented out and never used for personal
pleasure will be subject to different deduction standards,
so check with an accountant.
for Getting a Mortgage on Your Second Home in the Poconos
buying a Poconos property as your second home?
as about 1/2 of the sales of homes in the Poconos Mountains
are vacation or second homes. Perhaps you are looking for
a small cottage or apartment where you can escape to for your
vacations, or maybe you want to have another home closer to
your relatives. Maybe you want to rent out your second
property and make a steady income from an investment.
Whatever the reason, a second slice of real estate
can be a fantastic investment. However, sometimes
getting a mortgage on your Poconos second home can be a challenge.
a mortgage lender will have tougher standards for second home
loans than primary home loans. This is because usually when
you are buying a second home your finances will be stretched
thinner and you will have less money to spare because you
are already paying a mortgage on your primary home. This will
mean that your second home mortgage can be harder to get and
might have a higher interest rate.
some tips to keep in mind that will help you to get the best
mortgage on your second property:
Use a local Poconos lender. This is the most important advice
we can give. Local lenders know the market, they are mostly
smaller backs in GREAT financial shape and are less afraid
about having to take the home back as they can MUCH more easily
sell it than some big bank located in Texas (or where ever,
you do get the point) In addition, local banks here in the
Poconos have been doing second / vacation home financing for
many years with great success. Banks like ESSA, Penn Security,
Keystone, Wayne Bank, have experience with second homes and
know the process. Take it from one who has over 1100 transactions
and has seen buyer throw up their hands in frustration at
the "BIG" city banks.
Build up a decent amount of savings. Your mortgage lender
will want to be able to see that you have a large amount of
savings so that you will have enough to pay for the mortgage
even if you were to lose your job.
Pay off any credit card debt. Many lenders
will be hesitant to approve your second home mortgage if they
see that you have a lot of debt on your credit card. They
will want to see that you have a low debt to income ratio
so that you will be able to pay back the loan.
Use your first mortgage as a good reference. If you have always
made your payments on time and you are most of the way through
paying off your first house, you could ask someone from your
current mortgage company to vouch for you. The lender for
your second mortgage will be reassured that you are a reliable
person to loan money to.
are just a few tips to keep in mind in order to make getting
a mortgage for your second property as easy as possible. To
find out more about investing in Poconos Mountains property,
contact us at USARealty@USARealty.net or
is 1 quick way to find a Family Vacation or Rental home in The
(and the easiest) is to call Poconos Reservations at 570-517-2428.
Some Suggestions for vacation home neighborhoods:
Most "vacation like" community: Locust Lakes - quiet neighborhood with lots of amenities in the center of the Poconos ski area.
Best place for a Rental / Investment property that your family will use for vacations: Lake Harmony Estates - between two ski resorts and near (with access to) a motor boating lake.
Best neighborhood for a ski home: Northridge at Camelback - adjacent to Camelback ski resort and summer water park and near hundreds of restaurants, casino and outlet shopping.
Best lake, golf, tennis, vacation home neighborhood - Pinecrest Lake and Golf Club - has it all and is well managed. Central Water and sewer, great location, choice of townhomes, single homes with maintenance or single homes on lots.
Try staying in the Poconos in a Poconos Vacation Rental Home!