Used as a second home for vacation homes, and this has caused enormous problems. Now, when many people are struggling to pay for their mortgage in their primary residence, the last thing they think is paying the mortgage in the second home.
Many of these holiday homes were purchased as investments, as the values rose in 2005. In many cases, renting such homes was not enough to cover large mortgage payments, but nobody cared that the values rose higher and higher.
Now, when the value falls in the US, sales of many homes on this market have been sold below the top of the market.
If rental rates for such homes are not enough to cover mortgage payments and owners are now financially struggling, they employ a lot of homes and remain excluded.
A great time to buy a vacation?
o Nobody can answer this question because nobody can predict the future.
o Some banks sell foreclosed holiday homes more than 50% lower than those paid by the original owner. Do your homework and rent a qualified real estate expert. Exclusions seem to be accumulating.
What do I do if I rent a cottage rental?
o Make sure the hired home is not excluded.
o Make sure that the remaining component is properly maintained.
o Make sure the remaining area is not "left out by the developer" o Pay only with credit card
o There are hundreds of holiday home management companies,
Source by sbobet