Ready for a Retreat? Tips for Purchasing a Second Home
When summer finally hits and you start to dream of getting away on the weekends, it might be time to start looking at purchasing a second home. There are many reasons to purchase a second home and only some of them are financial, however, those reasons should not be overlooked.
Making the Purchase
Many people are surprised to find that purchasing a second home is very similar to purchasing a primary residence. One difference is that with a primary home, the down payment often comes from the sale proceeds of a previous home. So where do the funds come from for a second home? Don’t overlook the equity in your current home when thinking about your next purchase. Cambria® Mortgage™ can help you asses your options and find a program that uses your assets to your advantage. One of the best things to do is to talk to your mortgage consultant early in the process, even before you begin your search. This way, your mortgage consultant can help you become familiar with the process and programs available so that you can enjoy your search and find your perfect getaway.
Besides the potential tax benefits, there is also the ability to rent your second home when you are not using it. Right now, many services are available for you to find renters and create some additional income to offset the added mortgage. Make sure you think about things like location, access, and appeal to renters when looking at properties if this will be part of your plan. Also, work with your tax advisor to fully understand the tax implications of purchasing and renting out your second home.
Don’t Overlook the ‘Other’ Benefits
It is easy to get caught up in the financial reasons behind owning a second home, but don’t let those overshadow the other benefits. Summers in the Midwest are short, and often feel shorter. Take advantage of the time we have and use your second home to recharge your batteries and take some of the stress out of life. Find a property that speaks to you and you look forward to getting to whenever you can.
Call Cambria Mortgage
To get started, call Cambria® Mortgage™ at 952-942-0110 today or visit CambriaMortgage.comOur team of experts will provide personal, hometown service with sound advice and impeccable attention to detail at every step of the process.