Work with a trusted real estate agent - Working with a real estate agent with experience is crucial.  In Maine, vacation properties are consistently in high demand.  An experienced, local agent may be attuned to properties that are coming on the market before they are officially listed, giving you a competitive advantage. A local realtor will also be able to help connect you with local resources to help care for your property while you're away such as property management companies, lawn care, snow removal, and repair services. 

Financing - Securing financing for a second home or camp property are different from that of a regular residential property.  Most lenders require a larger down payment and will have specific requirements for funding a vacation property. One of the most common challenges buyers often face in Maine is financing seasonal or off-grid properties. Financing such properties with national banks or online mortgage brokers can be very frustrating and in many cases may not even be possible as these types of properties may not meet their underwriting requirements. When looking for financing on a second home, it is often a much easier and smoother process to partner with a local, community bank. Find a local lender who knows your desired area and makes themselves readily available to answer your calls and questions.

Purchasing a vacation property can be very exciting. Whether you’re looking for a camp to enjoy in the summer or ski-in ski-out condo, a little foresight and consideration can go a long way in ensuring that you make a wise investment. Keep these tips in mind when looking for a second home to make your purchase process as smooth as possible so you can start relaxing at your new property sooner! At Skowhegan Savings, we offer financing for all types of vacation properties including seasonal, off-grid, and modular. Reach out to any of our community bankers with questions and to get started.