Dreams of buying a new car or boat, taking a trip around the world or even renovating a home have been stymied for many people in recent years thanks to the fallout from the recession, which saw record foreclosures, falling home prices, a jump in unemployment and battered retirement accounts.
During the recession, real estate agents around Lake Huron's southern shore saw massive changes to the real estate market, and not just in terms of foreclosed homes. As the automotive industry scaled back, so too did blue-collar families who had owned vacation homes along the shores of Lake Huron in Michigan. Families no longer able to afford two homes were forced to sell their summer homes for a more fiscally responsible future, a true reflection of the changing economy.
Though real estate law often deals more in disputes than in vacations, purchasing a vacation home can be a great investment for you and your family, and by using the law, you can work to protect your new asset. Negotiating for the best purchase agreement is a great move with the help of an attorney, and can ensure the fairest price is reached. Creating a limited liability company (LLC) of your family for the ownership of a property can help to protect from personal liability and ensure that the property stays in the family through the future.
The Bureau of Consumer Protection at the FTC is warning anyone who owns a timeshare to expect a call from phony companies perpetrating a fraud. The scheme has become so widespread that the FTC says timeshare owners all over the country can expect to be approached and offered phony deals. These scams can have serious financial repercussions for owners of vacation properties who were relying on the profits from the sale to cover other expenses.
While the economy is certainly not totally recovered, this might still be a good time for some Michigan residents to consider buying a second property. With low mortgage rates and plenty on the market to choose from, many people who can afford it are choosing to purchase a second home or vacation property.