Vacation & Second Homes
The biggest decision regarding the ownership of a second home is determining its primary use. A second home is any home other than your primary residence. It may be a property you use when away on business or an apartment for your college student. It may be the dream condo on the beach or a cabin in the mountains. Some second homes are rental/investment property, and some are used solely by the owner. Regardless of the end use, second homes require specialized financing, estate planning, tax treatments and often usage restrictions that greatly differ from a primary residence.
How's It Going To Work?
For now, we will concentrate on vacation/resort homes. It is exciting to begin looking for that dream vacation house. Vacation property is a luxury, and purchasing a vacation home signals that you have reached a level of success in life that enables you to own a place used only for play. It is a place far away from the work week and you are eager to start spending weekends and holidays relaxing and entertaining those close to you. Even if you know where you wish to purchase, there are many forms of ownership, and skillful guidance to sort through all the options is critical. Once the perfect place has been found, it requires inspections, financing, insurance, closing and management as with any other real estate investment.
What I'll Do For You
A second home also needs to be properly analyzed to establish realistic expectations. After our initial conversation, I will become your exclusive buyer representative - your agent and your advocate throughout the transaction. Using public, private and proprietary resource, I research your opportunities, schedule showings efficiently, compile true ownership costs, ongoing cost budgeting and determine the ultimate quality of the investment. If you are considering a “rent back” plan in a resort or resort area, plan on no more than a 50% share of the rents and no more than 50% of the cost of ownership to be covered. In addition to my longtime realtor expertise, I have completed advanced CPA accounting classes and will work together with your accountant to establish accurate deductibility of interest, taxes, maintenance, and fees. Are you aware of the “personal use” rules regarding deductibility? Do you want the property to convey fully furnished? Be cautious about so-called “Blue Sky” scenarios often used to entice buyers, they can be very misleading and leave your dream second house a nightmare if the right elements are not done before you close.
Some Facts About Me
One of the benefits of my long time success as a realtor is I own multiple properties in different parts of the country. I know the pleasures and pitfalls involved. For twenty years, I resided in a gated island resort and am familiar with the operations and advantages of limited access areas. I have resided in historic areas and have long experience to draw upon. My financial background equips me with the skills to “crunch the numbers”. Most of all, I have experienced many of the living styles, have loved each one for the benefits they provide, and am ready to present it all to you.
I don't pass folks off to an assistant, so call me directly at (888) 270-5538.