Florida has long been a winter haven for people from the "North". The definition of North has expanded quite noticeably recently beyond the typical Chicago, New England, & New York retiree to include people looking to Florida for proximity to the beach and the tropical warm weather that we get year round.
Now the people "wintering" in Florida include Canadians, Europeans, Brits and other people from all over the US... these people are fondly called Snowbirds as many of them fly the coop before the snow up North.
Now that we've reached September, the Florida Snowbirds are coming down to roost in their 2nd homes or are renting while they decide where to buy their second home... so for them, we should probably discuss second homes and their definition.
From a Lending standpoint - all the different names for a second home have some commonalities that help us classify them as Second Homes and NOT Primary Homes or Investment Properties. Can you pick them out?
- First of all... Location, Location, Location.
- Second of all... Notice Ski Lodge, Hamptons, Getaway, Beach... Those are descriptives that help qualify the property as Significantly Superior.
- Third of all... and this is the tricky one... it isn't an investment property!!!
- Fourth... you're really committed to the property being a place that you will use for part of the year and set it up to use it like a second residence.
Look No Further than Florida for a great place to buy your Second Home!
For more information about Second Homes in Florida read: Florida Mortgage | Second Homes ~ What are they?