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WILDWOOD MEMORIES BEGIN WITH A WILDWOOD FAMILY
VACATION IN AN ISLAND REALTY GROUP FAMILY FRIENDLY RENTAL!
100'S of Beautiful Homes and
Condos located close to the beach, boards and amusements!
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including Credit Cards
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WILDWOOD EVENTS SCHEDULE
Buy or Rent?
How much can you afford?
On average your mortgage
payments, including taxes, should not exceed 28% of your gross
income. However, this is looked at on an individual basis when
Here is a loan calculator to help
you find out just how much that new house is going to cost you
each month. Just fill in the amounts below with the given number
of payments, interest rate, and loan amount and you will get
your monthly payment.
Remember to add monthly taxes,
utilities and insurance to this figure to be more exact.
Keep in mind that credit history,
property condition, job stability and other factors may affect
the lender's final decision.
Another way to give you an idea
of how much of a mortgage payment you can afford is to use the
following 28% -36% test
First, calculate your gross monthly
income (before deductions). You can use income from borrower,
co-borrower, alimony, child support (if 5 years remaining), second
job (if have 2 year history), Social Security, disability etc. (if 5
years remaining), stock dividends, and investment income.
Multiply this gross monthly income by
Multiply this same gross monthly
income by 36%, then subtract monthly debt payments (auto loan, store
charge cards, primary credit card, other credit cards, other loans)
The lesser of the 2 tests equals the
maximum mortgage payment for which you can qualify. Before using the
payment table, remember to subtract monthly taxes and monthly
30-Year Conventional Mortgage
Planning for a Second Home
want to get away from it all, where does your heart lead you?
For some, it's a shore thing for beachcombing and romantic
sunsets. Others take the first backwoods exit to solitude.
Whether there's a mountaintop or a rural hamlet in your
daydreams, the perfect spot for a getaway home is any place that
renews your spirit and lets you do the things you love
When researching a second home, be certain to try out locations.
Here are several tips to consider when site shopping:
If possible, visit a potential
getaway for two or more years in a row
Camp out on that mountain site
you're thinking of buying
Take home-swap vacations to check
out different locales
Take a virtual vacation, touring
homes and locations on the Internet
Second home locations are
inherently inspiring, so emotions can run high when you shop for
a getaway. To make the best choice, shop with a clear vision of
what you really want
What hobbies do you want to
indulge or develop? Does your dream include great fishing,
or perhaps a nearby town dotted with antique shops or a
great flea market?
Do you crave peace—or
partying? If serenity is at the top of the list, you might
want to choose a lake that allows only canoes and johnboats
with trolling motors. No noisy jet skis!
How often do you plan to get
away? It's easy to "vacation" every weekend if you choose a
site that's a two- or three-hour drive from home.
How much light do you need? A
log cabin in the woods is fine if you fantasize about Davy
Crockett's wild frontier. If you lean toward light and airy,
think bright beach house instead.
Beyond the weekend retreat
Does spending more than the
occasional weekend at your cottage figure into your plans?
Maybe it should. Taking retirement or early retirement,
starting a home-based business, or telecommuting can open up
new possibilities for enjoying your second home. So, as you
shop, keep in mind that the right location and the right
home could be the long-term answer to change—planned or
unexpected—that may come your way.
If you're eyeing a second home as a
potential home office, home-based business, or retirement
spot, select one with enough footage to accommodate your
future needs, or one that can be remodeled. Be sure to check
zoning restrictions to see if it's legal to operate a home
business in your area
Retirement reality check
In evaluating a retirement location,
consider: What's the quality and accessibility of health
care? Is the area safe, the crime rate low? What's the cost
of living? Are there opportunities for part-time work? Is
the climate comfortable? What are the cultural and
educational offerings, such as Elder Hostel programs?
Options How will you fund the purchase of a second home?
It's a good idea to get some answers before you start
shopping. The numerous cash buyers in the second-home market
have the edge. But if you're not one of them, getting
mortgage preapproval before you launch your search will keep
you competitive if you find a hot property. For quick cash,
borrowing from the cash value of a whole-life insurance
policy is one option, as long as you set up a repayment plan
to preserve the long-term value. Shop around for the best
interest rate if you want a fixed-rate mortgage on the
property. Depending on how long you plan to own the
property, consider exploring adjustable-rate mortgages with,
for example, fixed interest and monthly payments for five to
seven years. If sellers own the property outright, ask if
they would consider seller financing. You may be able to
negotiate a lower interest rate, a lower down payment, and a
flexible payment plan.
Renting out your retreat
One way to defray the costs of owning a
second home is to rent it out when your family isn't
using it. Here are some things to consider:
If the home is in a development with
a homeowners association, ask if you're allowed to
rent out your home. The answer may be no
Limit wear and tear by renting only
by the month or the season
Use word-of-mouth advertising; rent
to friends (or friends of friends) who may be more
likely than strangers to treat your place with care
It takes time to handle inquiries
and deal with potential renters yourself. Is it
worth the expense of hiring a rental manager who
will schedule renters and handle emergencies and
You may want to add amenities, such
as hot tubs, televisions, gas grills, and a modern
kitchen, to keep renters coming back. You'll also
want a locked storage room or closet for your
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1701 New Jersey Avenue - North
Wildwood, NJ 08260