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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What Our Customers are Saying
~ J. Z.
I just wanted to share my amazing experience with buying a condominium with some incredible people at Prudential Fox & Roach/Trident Mortgage. During a life transition, I found the perfect place for me to live with Johanna Erwin and Kathryn Behm's help. From the beginning, they were so kind and accommodating and catered to my life circumstance to help me achieve my goal of buying a new home. Johanna moved with such speed and persistence in helping me get everything ready, that it was easy. After I placed a bid on the condominium, they gave me a calendar of all the upcoming events with a day-by-day activity list of things that needed to be achieved for the transaction to be completed in a timely manner.
It was about one month from the time that Dennis Kinslow helped accurately analyze my financial situation and Linda Brautigam started my credit check until the time that settlement occurred. How fast was that? Never heard of such speed in the mortgage industry before. Then the settlement finished in about an hour, since I had already completed a walk through.
I can't say enough praises about Johanna, Kathryn, Dennis and Linda. They have been so fabulous!!! They are a dream team that moves like a well-oiled machine.
I especially thank Linda in her diligence in following up with all the many, many last minute details in the final preparations moving towards settlement.
It's amazing seeing perfection in action when all the steps to conclusions are not fixed, but moving.
Well, thank you again for having a superb team of highly talented people who work with tireless effort and precision in your company.
Their hard work changed my life for the better.