CASE STUDY: How Priority Mortgage helped an Ohio family purchase a vacation home in Florida for less than what they were paying to seasonally rent one.
The Smith family had been renting a home for two months out of the year in the Florida Keys for a few years. But when Hurricane Irma ravaged the area in September 2017, causing massive destruction, the Smiths soon found themselves priced out of the Key West rental market. Seasonal rent costs skyrocketed, and the family was suddenly looking at $19,000 for a two-month rental.
The Smiths started looking for other options further inland, and eventually found a home in southwest Florida near Fort Myers. Since the Smiths were already traveling to Florida for two months out of the year, it made sense to them to purchase a property that would allow them to go down as often as they wanted.
In the end, the family was able to purchase a home for the same annual costs as that $19,000 rental cost for just two months. They could start investing in a longtime vacation property rather than, as they put it, “throwing money away.”
Navigating a home buying transaction across state lines can be tricky! Priority Mortgage does a team of loan originators licensed to lend in Florida and have experience in financing transactions throughout the state.
That experience is very useful in helping buyers understand how the real estate markets differ from state to state. In Ohio, for instance, limited inventory has made for a definite seller’s market where buyers are often have trouble finding their dream home before someone else snatches it up. However, in Florida, the real estate pace is slower and Priority Mortgage has seen that buyers typically have an easier time finding a home.
The Priority Result:
Thanks to today’s technology, fewer customers physically come into our office. Most transactions can be completed by phone, online, or even over email. Priority Mortgage makes it easy to do business wherever you are. That means Ohio buyers don’t have to worry about finding a Florida lender when purchasing a property in the Sunshine State.
And for many buyers, purchasing a second home may not be out of reach. In an area such as Florida, if you’re able to find a home that doesn’t require a flood insurance policy, you could save thousands per year. Exploring the option of purchasing a condominium can also eliminate personal exterior maintenance costs as those are typically covered through condo association dues. Additionally, many condominiums have an on-site property manager who can keep an eye on your place if it’s only your “sometimes” home.
Our goal in sharing this story:
We wanted to share that Priority Mortgage is able to lend in Florida on residential homes regardless of whether it’s a house or condominium, and regardless of whether you plan to use the home yourself or rent it out. Purchasing a vacation home may be more achievable than you realize!
Contact us to learn more about how Priority can help.