Maple Ridge is a stellar community that plays home to over 76,000 full-time residents, but it can also be the perfect home-away-from-home. People trying to escape from the hustle and bustle of downtown Vancouver can come bask in the shadows of the Golden Ears mountains and enjoy our city’s ample peace and tranquility. Others from out-of-town may be looking for the excitement of Vancouver but through an affordable home in a low-density area just outside the city.
Regardless of your reasons, MLS Maple Ridge properties can provide the ideal staging ground for a relaxing, nature-filled vacation within a wholesome, inviting community. You can learn how to best prepare for purchasing a vacation property in Maple Ridge by considering the following tips for finding and financing a second home.
Consider the Versatility of Your Potential Maple Ridge Real Estate
Many people want their vacation home to feel secluded and private. While these are both great traits to have in a getaway, they can pose problems if your activity plans deviate from relaxing in isolation.
For instance, if you want to travel into Vancouver without using a car, it may benefit you more to have a home located near the Port Haney or Maple Meadows station. If you likewise want to enjoy a night on the town in Maple Ridge, you may have a more difficult time finding a cab/Uber ride up in Silver Valley compared to within the city limits.
Also of note is the fact that properties closer to schools, businesses and main roads tend to appreciate more quickly than rural ones. Weigh choices like these against merits like charm and natural immersion to ensure that your vacation home can suit a wide variety of long-term needs.
Financing a Second Home You Find on MLS Maple Ridge
Another concern when finding a second home in Maple Ridge is financing. This issue becomes especially pertinent if you have a mortgage you are still paying off or other debt like student loans.
Most lenders will require higher down payments and charge bigger fees for second properties. If you intend to rent the property out for much of the year, you will also likely encounter regulatory requirements in addition to a higher financing rate.
Loan requirements on vacation properties account for a strict debt-to-income (DTI) ratio that includes any existing mortgages and other debts. You will typically have to document all income sources to satisfy these requirements. If you are not considered an employee in a business you own, your business accounting practices may also fall under scrutiny.
Finally, recognize the additional expenses in terms of upkeep, maintenance and ownership costs for a second home, and account for them in addition to your current running costs.
These recommendations are not meant to discourage you, but rather to ensure that you can be prepared in order to make your second home purchase relatively quick and painless. If you need any assistance whatsoever, do not hesitate to ask our experienced Maple Ridge realty team. You can also consult our listings of homes for sale in Maple Ridge to find the perfect vacation home to meet your needs.