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My Vacation Home
You’ve always wanted to buy that mountain cabin, seaside cottage or downtown condo that you can use to get away from it all – and now is the time. Buying a vacation home is both similar to and different from purchasing your primary residence, and it is important to understand both – and your goals – before taking that step.
More Than Just a Place to Stay
Will your new purchase be a vacation retreat for you and your family, or do you have bigger plans for the property? Some reasons for buying include:
Rental potential: Many buyers rent out their vacation properties and use the income to offset the mortgage, maintenance and other expenses. It is important to note that if you rent it out, it is considered an investment property and subject to a higher interest rate loan.
Tax benefits: Rental properties can yield tax advantages, particularly in the areas of depreciation and resale. Consult with your tax advisor to learn which ones might apply to you.
Equity: Vacation homes in locations growing in popularity can be attractive long-term investments.
