What to Consider When Buying a Second Home

Ask Connie: Your Real Estate Pro

buying a second homeWhile 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…

View original post 262 more words

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s