What You Need to Know About Purchasing a Vacation Home

Posted on: May 19, 2022

Purchasing a vacation home is a dream many homeowners share. A second home in a desirable destination means you get to own a vacation, one that doe not come with stipulations from a shared home such as a timeshare. But easy access to a vacation is just one of the benefits of owning a second home.

Rental Income

Owning a vacation home, especially one in an area people love to visit, means you can tap into the rental market when you are not using the home. This allows you to use the home as an investment and source of secondary income!

Building Home Equity

You can build even more home equity with a second home, and for this, location matters. Buying a home near a vibrant town with restaurants, shopping, and other amenities increases the likelihood of the home’s appreciation.

Tax Cuts

We would all like to pay a little less in taxes. Buying a property as a second home can provide some relief in taxes and mortgage rates, so long as you meet certain requirements such as rental time.

Prepare for Retirement

When you buy a second home with retirement in mind, it can be a huge long-term money saver. You can reduce mortgage debt before it becomes your primary residence, and when you sell your previous primary home, you can put the profit towards your already reduced mortgage. As an added bonus, you will already have ties to the community to which you are moving!

New Roots

Your second home is your home-away-from-home and gives you the opportunity to lay down roots in a new community, maybe even in another country. Sotheby’s Realty’s middle name is International and through our Global Referral Network, you can work with highly qualified agents around the globe. From Mallorca to Sayulita, our international brand can help you find your dream vacation home.

If you are ready to add a vacation home to your real estate portfolio, call me at (206) 841-8788  or reach out via my website so we can discuss your goals and options. I look forward to speaking with you when you're ready.

Work With Denise

My purpose has always been to help others, from being a tennis pro to teaching at Texas A&M to helping people invest in real estate. I have spent 30+ years helping people navigate the world of real estate. My goal is to both help you put together a real estate investment game plan and implement it.

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