How About That Second Home You’ve Been Wanting?
Now that tax reform has cleared the second-home roadway of tax inhibitions, you may find this an ideal time to buy a second property. Mortgage rates are continuing to make all kinds of home buying affordable.
The keys to buying a second home hardly differ from those applied to the purchase of your primary home:
- Consider why you want to buy a second home. For frequent visits to a retreat that's close to home? As a gathering place for family and friends? As a rent-free escape from everyday life? As the ultimate retirement haven?
- Evaluate the potential use of your second home. Will you be renting it out part of the time? If so, check out tax consequences, local zoning regulations and rental-management availability. Perhaps a condominium will best suit your needs.
- Choose a second home as carefully as your first, for location, construction, energy efficiency, and all the other things that make for a smart purchase.
- Examine your financing options. Will you go it alone in a purchase? Will you team up with friends or relatives to split your expenses and vacation times?
We’ll be glad to help you explore the possibilities of fulfilling your second-home dreams. Please call or e-mail us.