Vacation/Secondary HomesToday's busy lifestyle requires more home ownership options to suit individual needs – whether it is a second home in the city to reduce that weekly commute, or a cottage at the lake for weekend getaways. With the Secondary/Vacation Homes Program, our clients now have the opportunity to purchase a second home with a 5% down payment and affordable monthly payments. This is a great way to expand your real estate portfolio.
Example Applicant for Secondary Home
Mr. and Mrs. Williams work and live happily with their two children in the city of Calgary. Their eldest son is going away to university and needs to find accommodation in Kelowna, British Columbia. Mr. and Mrs. Williams do not want their son to pay rent and would rather have him focus on his studies. School does not start for another 4 months so they currently have tenants in the home but their son will be occupying the property after the summer break. Since they are purchasing this property for a family member who will be occupying this property within 12 months, the Secondary Home Program suits their needs perfectly. Their goal to start investing in the real estate market in a different province has begun.
Example Applicant for Vacation Home
Mr. and Mrs. Scott have been working very hard their entire lives and want to start enjoying the fruits of their labour. They are looking to purchase a lakeside cottage on the Shushwaps to spend their summer holidays. The property they are looking to purchase can only be accessed via boat, has just a wood-burning fireplace for heat, but has running water that is not necessarily drinkable. The Vacation Home Program allows them to purchase this property even with its unique features.
Overall, the Secondary/Vacation Homes Program allows both families to achieve their goals of obtaining more real estate. This program offers both families a mortgage opportunity despite the different ways they intend to use their homes, making it a great option for purchasing with as little as 5% down.
Source: MyMortage news letter