Now Is The Time To Buy A Vacation Home In Cape Cod
Are you tired of paying hundreds, if not thousands of dollars to rent a house in Cape Cod for your family’s summer vacation? Do you find yourself returning to the same spot for vacation year after year? Perhaps it’s time to invest in one of the many Cape Cod rentals that dot the area. Not only will you avoid paying someone else for your vacation lodging, but you can actually earn money by renting out the house when you’re not there. A property in the area is also a good choice for a retirement home, and now is a great time to buy.
Why Now Is the Time to Buy a Cape Cod Vacation Home
Cape Cod real estate has a lot to recommend it. Area property taxes are low, the climate is temperate and the lifestyle is relaxed. Why else should you consider buying now? Below are just a few reasons:
- Low Interest Rates – Mortgage interest rates for those with good credit on a 30-year fixed mortgage are currently around 3.55 percent, a vast improvement on the average 6 percent rates available as recently as 2006. For those of “a certain age,” who remember the 12-18% rates of the late 1980s, today’s interest rates seem almost free.
- Lower Home Sales Prices – Although the demand for seasonal rentals in Cape Cod has remained steady, many owners have sold their properties during the recent economic downturn, not wanting to be tied to two mortgages. The result is property prices that are up to 25 percent less than they were just five or six years ago.
- Narrow Window of Opportunity – Though there are good real estate deals to be had in the Cape Cod area right now, that is likely to change as the economy recovers and consumers feel more comfortable acquiring debt.
The Cape Cod Rental Market
The Cape Cod area, from Falmouth to Provincetown, is a summer playground for residents of Boston, Providence and other east coast cities. Each year, New England residents flock to the beaches and small coastal towns of Cape Cod to escape the stress of the city and the mid-summer heat. You can all but be assured of a continual demand for rental properties.
Purchasing a rental property can be a good investment, but it’s not right for everyone. If you find that buying a Cape Cod vacation home is not quite in your budget this year, there are plenty of Cape Cod rentals to suit any size family and budget.
Do you have recent experience buying or renting a Cape Cod property? Share your experiences by leaving a comment below.
Jesse Dugan is a part of an elite team of writers who have contributed to hundreds of blogs and news sites. Follow him @JesseDugan.