While it may seem far off right now, there may come a point in your life when you’re financially stable enough to consider purchasing a second home, whether as an investment property or to vacation. You may even be there now!
It’s important to remember that while buying a second home may be similar in some ways to buying your first home, there are some very big differences to keep in mind.
First of all, make sure you know what it is you’re actually looking for – and then decide whether you can afford it!
Do you want to use it for your own personal retreat, or will it be a rental property? Do you know that different tax rules apply depending on its use? According to the IRS, “If you live in your home for more than 14 days, or more than 10% of the time you rent it…
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