Mitzi Cameron - Resident & Owner/Broker | (425) 308-1188

You are a pro at buying real estate but now you’re looking at buying a vacation home or second property, and, it would be great if Camano Island was your first choice. Camano Island is very popular with folks that have multiple properties because of its location. While you can easily reach the freeway and about 20 minutes from the islands, depending on where you choose to live, it’s not something you be rushing out to the Seattle back and forth for often. However, it does provide a beautiful and serene location but, regardless of where you choose to buy, there are some things to know about buying a second home.

How to buy a second home on Camano Island.

 Loan options are slightly different. Lenders will have guidelines for the minimum distance between your primary and your vacation home, typically within 50 to 100 miles. Don’t look for home is easy to live in and maintain. Are you looking to entertain? Looking to downsize? Want a vacation getaway, hunting escape, or somewhere to escape with the girls for a fantastic girls weekend? Make sure you understand what you’re looking for so that you can easily find what you want when you see it.

Second homes can receive the same tax deduction benefits as primary residence but the down payment may be higher. You can take out a HELOC on your property, the second mortgage, or simply apply for a new home loan with a higher down payment. Don’t forget homeowner association dues, taxes, and insurance.

Are you using this is a vacation home or as a second primary house? Sometimes people prefer to live in two places at once. The second home caters to everyday life, work, and responsibilities and are typically more modest than a primary residence. Smaller bedrooms, fully functional kitchen, and additional vacation amenities might be what you’re looking for such as a hot tub, swimming pool, beach access, entertainment space, or cozy sunroom.

What about a retirement home? Are you planning to use this property as a retirement home? Securing alone now could have significant benefits down the line and you still will need to be preapproved for a home loan if you’re planning on taking out a mortgage. If you’re looking at refinancing and pulling money out of your existing home to pay cash, you can close quicker and you might have more leverage in the offer department as well.

Maybe this is an investment property. Homes on Camano Island do well for Air B&Bs and VRBO rentals. However, lenders may want a move-in ready condition home and you may need a higher down payment with higher interest rates as well. Keep a close eye on your financials. Investment property loans have more stringent requirements then it primary or even secondary residential mortgages. Are you looking to flip the property or use it as a vacation home and a rental when you’re not using it? Make sure your lender knows all the details on how you’re going to use the property. This will help them create the right plan and loan for your needs.

I’ve helped hundreds of people find the right second home, vacation property, retirement home, second residence, or investment property throughout Camano Island and Stanwood. Because this is such a popular place for second homes, I am well-versed in connecting you with the right lender, negotiating on your behalf, and helping you find and lockdown the perfect home.

Start your online search here or contact me below.

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Image above actual listing on Camano Island here