Benefits of Vacation Homeownership
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 vacation 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.
Having a place to stay near the beach, the lake, the mountains or your favorite resort area offers many potential rewards. When you buy a vacation home, we can help you understand the financial and personal benefits that go along with the purchase, including:
- Rental opportunity. If your home is in a popular vacation spot, you may be able to rent it and earn additional income when you’re not using it.
- Ongoing income and cash flow. If you choose to rent your vacation home, it could provide ongoing income to offset your expenses, and may provide tax benefits in the form of depreciation expense. Restrictions apply. (Consult your tax advisor regarding the deductibility of depreciation expense.)
- Potential tax benefits. Mortgage and home equity interest payments and property taxes may offer the opportunity for tax advantages. (Consult your tax advisor regarding the deductibility of interest.)
- Potential property appreciation. A vacation home may be a good long-term asset to hold as homes can increase in value.
Getting prequalified is the initial step in the mortgage process, and it’s generally fairly simple. We will help you take the first step toward your home financing goal with a pre-qualification consultation. Call us today or simply prequalify online. Our free Mortgage Pre-Qualification Form is also available to download.
Why should you work with GLI?
Great Loans and Investments’ mission is to fulfill the home buyer’s dreams of ownership.
GLI’s customer satisfaction and our integrity is reflected in our “A” rating with the Better Business Bureau.
- Most important to us is customers satisfaction (Check out our customer reviews)
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