Buying a Second Home Becomes More Doable

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Great website to search for lake homes for sale! Let us set up a free personal website to make your search for lake homes easier yet.

Kalamazoo Lake Homes and Real Estate – Lately, buying a second home here in Portage, Richland, Mattawan, Paw Paw and the Kalamazoo area has become a much more attainable goal for a great many current homeowners. Partly due to the historically low mortgage interest rates we have been writing about, the affordability factor has become less of a barrier. With prices beginning to rise, those who have been considering buying a second home might take this fall as a good time to make their move – or at least to do some serious research.  We have some great tools to make that research lots easier!  We will tell you about this in a bit.

The first part of that effort should be arithmetical: does buying a second home make financial sense? For most people, buying a second home will entail getting a second mortgage, with the characteristics of that mortgage dependent upon how the home will be used.

For a second home that is strictly that – a property that serves as a personal residence – mortgage rates are usually about the same as for a primary residence. But if the home will also serve to provide rental income, banks will usually consider it an investment property – and call for a bigger down payment and a slightly higher interest rate.

According to Shannon O’Brien of, those buying a second home for its income-producing potential can currently expect down payments ranging anywhere from around 25% to 40%. Penciling in accurate up-front capital requirements means taking that — as well as applicable interest rates — into account. Since investment property involves offsetting tax implications, talking second home finances over with a trusted accounting professional is also a good idea.

Considering all the factors currently, the greater Kalamazoo area’s real estate climate is definitely encouraging. Especially for those who have been waiting patiently for a chance to take fuller advantage of it, the realm of second home ownership could be worth investigating.

We have a few tools for homeowners thinking about lake homes or other second homes.  First, there is a website called that will show you all the lake homes for sale in the following SW Michigan cities.  Lake homes in Kalamazoo, Lake Homes in Grand Rapids,  Lake Homes in Holland-Saugatuck,  Lake Homes in Grand Haven, Lake Homes in Muskegon, Lake Homes in Battle Creek and Lake Homes in St Joe.  This website is always up to date with it’s listings of Lake Homes for sale all over SW Michigan.    If you have not decided where to look for a lake home, it is a great place to start looking.  Once you narrow down your location preferences,  then please contact us and we will create a personal website for you that will show you all the homes on the market AND will alert you any time a new home or cottage comes on the market!  You need to tell us your preferences for # of bedrooms,  # of bathrooms,  location and property characteristics (lake? river? acreage? barn, etc.)  and upper price limit.

If you are interested in the prospects for buying or selling a second home, do give us a call. We are  happy to help you investigate the many possibilities in today’s market…..and remember, our home buyer services are free of charge.  You have nothing to lose!