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Withinterest ratesexpected to drop, theres a chance you may be thinking about purchasing a vacation property in 2025.
This is why reviewing the factors determining your readiness for this investment is important.
Many people will want to focus on marking off certain financial checkpoints prior to signing up for another mortgage.
The financial milestones you choose to reach will depend on your situation and goals.
Youll want to research the local property values and trends to determine whether the community is experiencing appreciation.
Seek areas with stable or growing tourism, improved amenities or upcoming infrastructural projects.
These factors may indicate that property values will appreciate, said Chad Dunn, licensed buyers agent atAcquired HQ.
This also hints at rental potential when youre absent.
Its also important to be familiar with what the community offers.
If thats your motivation, I suggest you just rent a place for two weeks, he said.
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