Curious About the Benefits of a Vacation Home?
Having a second home at your favorite vacation spot offers many of the same benefits you get from owning your current home. But you also get some unique financial and family benefits, too:
- Rental income
When you buy a home in a popular vacation destination, you may be able to rent it on a short-term basis to other vacationers. That rental income can help you cover the costs of your vacation home.
- Tax benefits
You may be able to deduct the mortgage interest and property taxes you pay for your vacation home. Or, if you turn it into a rental, you may be able to use your expenses to offset your rental income. Consult a tax adviser to see which tax rules and laws apply in your particular situation.
- Home Equity
Over time, the value of your vacation home may increase, giving you equity in your vacation home. As you pay off your mortgage, you'll also build equity you can cash in to fund retirement, college expenses, or start a business.
- Family togetherness
Having a free place to stay at the beach or the mountains is a powerful lure that draws family and friends to visit you.
Considering buying a vacation home? Contact us, and we will show you what's available in our market or refer you to someone I trust in your vacation destination city.