If you’re looking for a place to vacation with the family or thinking of building a retirement plan, a second home may be for you. Second homes can be great for holiday destinations and investments. Demand for second homes is on the rise, and a second home could become a valuable asset as it appreciates over the years. Check out some advantages to owning a second home!
Do you find yourself looking to spend more quality time with your family and friends? A vacation getaway home is the perfect opportunity to encourage spending time with loved ones. Having a second home grants you the flexibility to vacation when you want and switch up your daily routine! Whether you’re looking for a weekend adventure or a month-long retreat, vacation homes can be a great option if you’re looking to change up your scenery with a place you can call home.
Having a second home could help you with long-term income and profit. Historically, properties appreciate over time. This means your home is likely to gain value as time passes, giving you the option to eventually sell your house and gain a profit or refinance the property and take out equity. Whether you’re looking to rent out your property or keep it just for your family, history shows that you’re likely making a good investment as your asset increases in value.
Taxes can be tricky and complex. When it comes to owning a second home, some owners are eligible for tax breaks according to the Internal Revenue Service. This could include deducting up to $10,000 in property taxes if the property was rented out for less than 14 days per year.
Owning a second home allows you the flexibility to choose where you live. Whether you get a new job opportunity that requires relocation or just want to switch up your lifestyle, a second home allows you to choose where you stay.
Owning a second home could be great plan for retirement. If you’re looking to retire in a different location, consider purchasing a second home before you retire. This advantage can allow you time to rent out the property and pay off the mortgage before it’s time for you to call it home. Additionally, it can be easier to qualify for a mortgage while you are still employed.
There are a lot of potential benefits with purchasing a second home, from taxes to income to lifestyle changes. Speak with a tax advisor to find out more about how a second home could impact your taxes. Ready to start your second-home search? Reach out to an Jet Loan Officer to learn more about the loan programs available to you and ways you can finance your future purchase.
Why Jet HomeLoans?
At Jet HomeLoans we understand that buying a home is an important, life-changing event. That’s why we’re here to help make your dreams of homeownership a reality. We’re focused on providing you with the highest quality customer service and loan expertise. From our first conversation, to the first steps you take into your new home (and beyond), we’re here for you. We’ll listen to your needs and provide you with a wealth of resources to make the home loan process simple and stress-free.
We offer a vast selection of loan programs, easy-to-use tools, and friendly and personalized service to ensure a convenient and stress-free home loan journey. Clear and constant communication and timely status updates will keep you informed and reassured throughout the entire home loan process. So, if you’re ready to invest in your future, let Jet HomeLoans help you land the home of your dreams.
All information presented is for educational purposes only and not intended as financial advice.
Non-traditional properties are on the rise. There are many reasons why homeowners are making the shift and investing in unique properties. Learn more about living in a unique property and the benefits of investing in these types of homes.
Want to spend Valentine’s Day in the comfort of your own home this year? There are plenty of ways to make Valentine’s Day special without going to a fancy restaurant or spending lots of money. Check out these romantic date ideas!
Overwhelmed by high interest rates? Luckily, there are programs specifically designed to help home buyers afford homes even when rates are high. We’ll break down different temporary buydown programs, the specifics of how a temporary buydown works, and examples of what this could look like for a potential buyer.