The mountains… The shore… A secluded island in the Caribbean… It doesn’t really matter where you go to relax. If you love a place enough to return year after year, it may make sense to buy a vacation home you can call your own. In many cases, you can put the equity you’ve earned in your primary residence to work to help make your vacation dream come true. Here are some considerations to keep in mind when you’re thinking about buying a vacation home:
- Location: Is it close enough that you’ll be able to use the property often? You’ll pay a premium for a home in a vacation hot spot, but you may command a higher rental price if you want to offset some of your costs.
- Repairs: If the house needs work, consider whether you’ll earn your investment back. Updates to kitchens, bathrooms, HVAC systems and roofs can all be costly.
- Maintenance: Maintaining the property helps protect your investment. If you don’t live nearby, you’ll need to contract with someone to keep the house in good shape and looking lived-in.
- Tax implications*: You can deduct mortgage interest on a second home—that is, if you use it at least 14 days each year or one day for every 10 days it’s rented.
* Consult your tax advisor.
We can help you determine how much equity you have available and how much vacation home you can afford.
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"I am writing today in reference to one of Trident's finest mortgage consultants, Matthew Matz. I have known Matthew for several years now, and he has done nothing but 'Wow' me every time I deal with him or send a friend to him. Recently, I purchased a home and I would not think to use anyone but Matthew Matz because of his professionalism, cordial demeanor, and willingness to go the extra mile for his customers. Matthew is truly an asset to Trident Mortgage Company. Buying a home is a stressful time because of the large amount of money at stake. Matthew always goes out of his way to make me feel assured that I am making the right decision. I plan to use Matthew for all my mortgage needs and I will refer any and all friends his way because he consistently impresses me. Please thank Matthew for me for a job well done."~ R.G.