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Vacation homes are selling at record rates according to the National Association of Realtors (NAR) and now is a great time to consider buying that second home, whether for investment or vacation purposes.A couple of items to keep in mind are:
1. LOCATION, LOCATION, LOCATION-Imagine your second home near World Class Winter Park Ski Resort where you can ski in the winter and mountain bike in the summer! Resort Developer, Intrawest, has begun construction of the new Base Village if you want to be in the middle of winter activity or Sterling Pointe if you want to be close but away from the hustle and bustle.
2. KNOW YOUR TAX LAWS-Always consult your accountant. Vacation homes used primarily by the owners are considered personal residences, enabling you to deduct interest on the mortgage and realize other tax benefits. You may also be entitled to tax benefits when you rent out your second home for a portion of the year.
2 comments:
I have just recently purchased a property in Grand County. We purchased in Grand County because it is still affordable compared to other mountain towns. It certainly is a buyers market!
Our family also bought in Winter Park and use the condo for rentals. We are getting great rentals
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