Does it Make Sense to Buy a Second Home?
Are you thinking about purchasing a second home? Are you not sure if you can afford one? Have any of these thoughts crossed your mind while thinking about that second home,
- You need to have plenty of money.
- You shouldn’t have too much debt
- You have to spend money to make money
- The buyers and renters may not come.
- All of this is harder than it looks
US News and World Report has some advice to help you decide if two homes are better than one read the whole article here.
Buying property for summer fun? Here are a few tips when looking for your perfect summer home.
- The Internal Revenue Service considers a vacation home or a second home one that is permanently in place (even though it could be moved, like an RV) and offers sleeping, cooking and toilet facilities.
- For tax purposes, you can deduct “qualified residence interest” on a mortgage secured by a second home – that’s in addition to interest that you pay on a mortgage that is your primary residence.
- In addition to mortgage interest, local and state real estate taxes paid on a second or vacation home are also generally deductible.
Read the rest of the tips in the full article here.
Have the upper hand when selling your home by having an inspection completed done before listing. Avoid costly surprised down the road!
Read full article at RealtorMag.org, the official magazine of the National Association of Realtors
If you are planning on purchasing a home you will need a home inspection, and if you are selling your home, it would be wise to get a pre-inspection to avoid surprises!
Read more on Investopedia.
Why Are Home Inspections Important?
A home inspection is an all-encompassing examination of the condition of a home. The home inspection process is often but not always performed at the time of the sale of the home. A home is one of the most important purchases one will ever make. A home inspection is an inexpensive way to discover the universal condition of a home. It is important to conduct a home inspection to avoid a costly mistake by purchasing a property in need of major repairs. Even if you think you have found a “dream home,” it is a home inspector’s responsibility to let you know that your “dream home” may not be just right.
Read the rest of the article here at AHIT.