There are benefits to purchasing a vacation home or a second home. A vacation home is fun to visit on weekends, holidays or in the summer. Maybe you want to live in the home when you retire or pass it on to your children. Owning a second home can have tax write-offs, depending on how you use it. But a second home for vacations is very different from an investment property you buy to generate income. That difference can affect your finances, including the taxes you owe on the property and the type of insurance coverage you need.
Do you have the down payment you need and if you can afford to take on a second home mortgage. Do you have a stable income and a cash reserve? There are additional expenses of owning a second home such as insurance, maintenance, repairs, property taxes, and property-management fees.
There is a lot to think about…but we are here to help you better understand the costs of purchasing a second home and the available loan options. You may want to get prequalified or pre-approved for a loan before you start looking at properties.
Buying a second home can be complicated…let us help! Give Scott Bennett a call at 503.703-4699 or email firstname.lastname@example.org. Let’s discuss your options so you can make an informed decision that’s appropriate for your situation.