The mountains… The shore… A secluded island in the Caribbean… It doesn’t really matter where you go to relax. If you love a place enough to return year after year, it may make sense to buy a vacation home you can call your own. In many cases, you can put the equity you’ve earned in your primary residence to work to help make your vacation dream come true. Here are some considerations to keep in mind when you’re thinking about buying a vacation home:
- Location: Is it close enough that you’ll be able to use the property often? You’ll pay a premium for a home in a vacation hot spot, but you may command a higher rental price if you want to offset some of your costs.
- Repairs: If the house needs work, consider whether you’ll earn your investment back. Updates to kitchens, bathrooms, HVAC systems and roofs can all be costly.
- Maintenance: Maintaining the property helps protect your investment. If you don’t live nearby, you’ll need to contract with someone to keep the house in good shape and looking lived-in.
- Tax implications*: You can deduct mortgage interest on a second home—that is, if you use it at least 14 days each year or one day for every 10 days it’s rented.
* Consult your tax advisor.
We can help you determine how much equity you have available and how much vacation home you can afford.
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First of all they give the buyers a slew of options and then a very realistic idea of their purchasing power. They respond very quickly when a pre-quaification letter is needed to submit an offer. Other agents and sellers respect Trident Mortgage and feel very comfortable accepting an offer with a Trident pre-qualification letter. Once the process has become they keep the buyers apprised of the information they need to provide and the deadlines they need to meet in order to keep the process rolling. They are cognizant of the mortgage commitment date and make every effort to make sure that they hit that target date, if not before. Finally, the mortgage agent actually comes to settlement and explains the paper work to the buyers, which is very rare in this digital world. All in all I couldn't ask for more from a mortgage company~ S.Y.