With current mortgage rates at a historic low, you might be wondering how to buy a second home. But beware; it won’t be like your first. The DiMora Team are real estate experts in the Northville and Novi neighborhoods and we know there are some differences and advice you should keep in mind. First of all, second-home loans generally require more money down and a better credit score than owner-occupied home loans. Lenders will look carefully to ensure that second-home buyers are financially capable of paying two mortgages. Make sure to review your budget with a second mortgage in mind—a healthy emergency fund and cash reserves are essential if an accident or job loss forces you to float two mortgages at once. Check out below to see what sold in Highland Lakes in June 2016:
42333 Amboy Court, Northville: 2 bedrooms, 1.1 bathrooms, 1,370 sq. feet, Sold Price: $110,000
Highland Lakes Home Sold
June 2016
42516 Lake Success, Northville: 2 bedrooms, 1.1 bathrooms, 1,360 sq. feet, Sold Price: $125,000
Highland Lakes Home Sold
June 2016
41275 Lehigh Lane, Northville: 3 bedrooms, 1.1 bathrooms, 1,370 sq. feet, Sold Price: $131,000
Highland Lakes Home Sold
June 2016
19765 Hayes Court, Northville: 3 bedrooms, 1.1 bathrooms, 1,290 sq. feet, Sold Price: $147,000
Highland Lakes Home Sold
June 2016
42162 Farragut Court, Northville: 3 bedrooms, 2.1 bathrooms, 1,638 sq. feet, 1 car garage, Sold Price: $190,000
Highland Lakes Home Sold
June 2016
If you’re certain you’ll get enough use and enjoyment out of your new purchase, go for it. For most buyers, a second home shouldn’t be a fixer-upper. Look for homes in high-value areas that will appreciate over time without having to sacrifice every relaxing weekend to laborious renovations. For more information on Highland Lakes, or similar Northville or Novi neighborhoods such as Country Place, Lakewoode Parkhomes and Crosswinds West, contact The DiMora Team today at 248-505-7728 or jim@dimora.com.