Florida Oceanfront Living: Your Luxury Escape for as Little as 6% Down
Friday, October 18, 2024
Have you ever dreamed of owning a piece of Florida paradise without the hefty million-dollar price tag? I bet you have!
Well, get ready to have your mind blown, because I’m about to share a little secret that’s changing the game in luxury real estate. What if I told you there’s a way to make this dream come true with as little as a 6% down payment and, and... for a fraction of the typical cost?
Understanding the Traditional Down Payment
Understanding the Traditional Down Payment
But first, let's talk numbers. Did you know that when buying a second home, you're often required to put down anywhere from 10% to 40%, depending on the lender and your credit history? Unfortunately, the attractive 5% down option is usually reserved for primary residences.
For many, that kind of cash upfront for a vacation home seems out of reach, especially when eyeing a prime oceanfront property in Florida. But what if there was another way? You’ll be amazed by how accessible luxury oceanfront living can be!
A $2,950,000 Oceanfront Condo in Miami Beach – Within Reach?
Source Zellow.com
Picture this: A stunning Miami Beach condo listed at $2,950,000, featuring breathtaking ocean views, a 4,252-square-foot wraparound terrace, and contemporary finishes. This 2-bed, 2.5-bath, 2,231-square-foot home was built in 2008 and recently updated in 2021. Imagine enjoying that gorgeous ocean view with your friends and family. Sound like a dream?
Traditionally, purchasing this property would require a down payment of 10% to 40%. Let’s calculate the down payment amount for 10% to 20%, which would range from $300,000 to $600,000 upfront. Additionally, your mortgage could be around $2.3 to $2.7 million, with monthly payments of about $20,500(20% down), including taxes, insurance, and HOA fees. Ouch!
A New Approach: Co-Ownership
A New Approach: Co-Ownership
Now, let’s explore how you can enjoy this stunning property through a revolutionary approach—co-ownership.
If you'd like to enjoy the same property through my partner Pacaso, a leader in the co-ownership industry, you can purchase a 1/8 share of this condo for just $517,000. This innovative model allows you to unlock your Florida paradise at a fraction of the usual cost.
If you plan to use the property for occasional vacations—let’s say 5-6 times per year for a week each time—this is the smartest way to buy a vacation home. With Pacaso's integrated financing option, you can buy this share with a 30% down payment, which comes to $155,000. If you calculate this amount from the total home price of $2,695,000, it equals approximately 5.8%.
The best part? With a mortgage of approximately $360,000($517,000 - $155,000), your payments will be quite manageable. Plus, you're only paying for the time you actually use. When you're not there, your co-owners are enjoying the home and handling their share of the expenses.
That’s the secret to unlocking your Florida paradise!
This isn’t just a smart financial decision—it’s efficient. You’re not paying for the time or space you don’t use. When you’re not vacationing in your oceanfront condo, other co-owners enjoy the property, helping to cover maintenance and expenses. It’s a flexible, cost-effective way to own a luxury home in one of the world’s most desirable locations.
Co-ownership isn’t just a trend—it’s a revolution in luxury real estate. If you only use your vacation home 3-6 times a year for a week or two at a time, why pay the full price for a property that sits empty most of the year? With Pacaso’s co-ownership model, you can enjoy all the perks of owning a luxury vacation home without the full financial burden. It’s the ultimate way to own a slice of Florida paradise within your budget.
Here’s another key benefit to keep in mind: for just $235K in cash, you can own a 1/8 share of a $1.25M condo outright, with no mortgage to worry about—completely debt-free.
Your Luxury Living Dreams Await
Your Luxury Living Dreams Await
So, there you have it—the secret to achieving your dream vacation home with just 6% down.
It's not just about how much money you have; it's about how smart you are with it.
Want to experience the co-ownership lifestyle for yourself?
Explore Pacaso's collection of luxurious properties nestled in over 40 desirable second home destinations across the United States and Europe, with future expansions on the horizon.
Check out Pacaso's luxury listings and discover your perfect second home today. Shares start at $200K+ in Florida, with financing available for 30% down and rates 0-5% for selected listings.
Whether you're Canadian or American, if you’re ready to take your vacation home dreams to the next level, download your free copy of my book.
Explore the hassle-free, turn-key co-ownership model, and discover unbeatable offers at FloridianHome.ca!
Plus... learn how to own your share with NO monthly carrying costs and even cover your travel costs?
I can show you the way!
Claim your free copy now and get a $200 Hotel Savings Card plus four exclusive bonuses. Discover something so incredible, it'll blow your mind—I promise!
Your dream luxury lifestyle is just a click away.
Learn How
Co-Ownership Can Forever Change The Way You Vacation
Learn How
Co-Ownership Can Forever Change The Way You Vacation
Hi, I'm Eugene
Founder of FloridianHome.ca
Hi, I'm Eugene
Founder of FloridianHome.ca
My partners and I have come up with smart strategies that can enhance your second home ownership experience and open up possibilities you may not have considered before.
If you're curious to learn more, grab my Book, which includes
FREE bonuses and a $200 Hotel Savings Gift Card. Don't miss out!
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