What Is a Second Home?
A second home is defined as a one-unit property that’s located within a reasonable distance from your primary residence. It can be a home that you occupy for some portion of the year or by someone you allow to occupy it. However, to be a second home, it must not be rented or be part of a timeshare arrangement. So, it might be the cottage you own on the lake a few hours away; it could be a home you let your son live in while he goes to college; or it could be a house you own that your friend and her children moved into because she lost her job. Those are just a few examples. A growing number of families are buying vacation homes and it’s a trend that’s likely to continue. If your new vacation home is close enough to your permanent residence, every weekend could be an opportunity to go fishing on the river or skiing down the slopes of your favorite mountain. Finding a Second Home Finding a second home doesn’t have to be hard. You just need to work with a reputable realtor-one that you ca
Second homes are property holdings in which the owner occupies the property for a limited amount of time each year. It is not unusual for the second home to serve as a weekend getaway or as a place to spend vacation time during the summer months. There are a number of benefits connected with owning a second home, including tax advantages and the opportunity to create an investment for later years. Purchasing a second residence often follows the same general pattern as with a primary residence. The investor arranges financing, often a mortgage with a local lending institution. In some cases, financing a second home may be accomplished by working with a mortgage company to create package deal where the property owner places the mortgage for the primary residence and the second residence with the same lender. In exchange, the lender may offer the homeowner a more competitive rate of interest on the loans for both properties. It is important to note that while a second home is often consid
A second home is defined as a one-unit property that’s located within a reasonable distance from your primary residence. It can be a home that you occupy for some portion of the year or by someone you allow to occupy it. However, to be a second home, it must not be rented or be part of a timeshare arrangement. So, it might be the cottage you own on the lake a few hours away; it could be a home you let your son live in while he goes to college; or it could be a house you own that your friend and her children moved into because she lost her job. Those are just a few examples. A growing number of families are buying vacation homes and it’s a trend that’s likely to continue. If your new vacation home is close enough to your permanent residence, every weekend could be an opportunity to go fishing on the river or skiing down the slopes of your favorite mountain. Finding a Second Home Finding a second home doesn’t have to be hard. You just need to work with a reputable realtor — one that you
