How about that vacation home?
Poli Mortgage Group
While owning a second home was a reality for a few at one time, with the economy and market on the rise, buying a second home, has become more attainable than ever. Which at one time was something that required large down payments, the agency are not helping make this possible for everyday people, with down payments which were once as much as 30% been decreased to as little as 10% down. And once was the stigma of a second home, having to be in a vacation type area, has cast a wider net to incorporate not only vacation area(s) but possible homes close in proximity to a collage one’s children may attend, or something to help lessen the burden of a long commute to work.
In addition to buying power of the second home on the rise, there are added benefits in purchasing the retreat for vacation and/or retirement. Mortgage interest can be deduct up to 100% of the interest you pay on up to $1.1 million of debt that is secured by your financed primary and new second home. In addition to interest, property tax is 100% deductible with no limitation.
As noted above, owning a second home can be an excellent investment in addition to the retreat away from the everyday hustle and bustle. While owning a timeshare resort type place can be more economically feasible, owning an actual second home not only helps add to your portfolio through appreciate, it can create a gathering place where new traditions are born, and lived on through your and your children(s) legacy.