Asked by Lei, Simsbury, CT • Mon Jan 19, 2009
We are thinking of buying a second home in Milford or surrounding area. This will be our vocation home during summer time. It is nice to have water view if it is not right on the beach. We lived in Woodmont many years ago and fell in love with that place. However, we have concerns on the current economic condition. It will be prudent for us to recoup the cost of mortgage by renting it out in part of year or full year at first.
After a quick look from http://www.realtor.com, there are so many houses there for rent right now. Based on the price of house that are close to water in Milford, the average rent may not be able to cover the mortgage payment.
We are interested in knowing the housing market condition and the rental market in Milford or surrounding area. Which kind of people normally rent in Milford? Should we consider West Haven since it is closer to Yale that may attract renters? Do we have to wait for a better REO deal?
Any comments or suggestions are welcome.
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