Fsbo

Now that tax reform has cleared the second-home roadway of tax inhibitions, you may find this an ideal time to buy a second property. Mortgage rates are continuing to make all kinds of home buying affordable.

The keys to buying a second home hardly differ from those applied to the purchase of your primary home:

• Consider why you want to buy a second home. For frequent visits to a retreat that’s close to home? As a gathering place for family and friends? As a rent-free escape from everyday life? As the ultimate retirement haven?
• Evaluate the potential use of your second home. Will you be renting it out part of the time? If so, check out tax consequences, local zoning regulations and rental-management availability. Perhaps a condominium will best suit your needs.
• Choose a second home as carefully as your first, for location, construction, energy efficiency, and all the other things that make for a smart purchase.
• Examine your financing options. Will you go it alone in a purchase? Will you team up with friends or relatives to split your expenses and vacation times?

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This entry was posted on Wednesday, June 25th, 2008 at 8:06 am and is filed under FSBO. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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