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Vacation Homes Are Becoming A Reality For More HomeownersW. Troy Swezey Whether it’s a lakefront cottage or a log cabin in the woods, a vacation home often seems to be a dream that only the wealthy can afford. But these days, you don’t have to be a millionaire to own one. A nationwide survey shows the median household income of second-home owners is $46,500. With today’s continued low interest rates, the tax advantages a second home can bring, and a wide selection of areas experiencing solid home price appreciation, this is an excellent time to consider purchasing a second home as an investment – and a great getaway place. When searching for your second home, remember to investigate the area thoroughly. Ask a Realtor® and the local chamber of commerce to provide information packets, maps and brochures. Take time to visit the area several times – a few months prior to and during its peak seasons. Are the crowds unbearable Is the weather unpredictable Speak with a local Realtor regarding current and past home prices. Knowing the area’s sales history will help determine the market value of the homes and effectively predict their appreciation potential. Once you’ve settled on a community, work with a Realtor and lending institution to determine how much home you can afford. Drive around the town and its neighborhoods. Experience the day-to-day activity around potential properties. Keep in mind you may decide to retire to the area one day. Will the property serve two purposes – that of vacation and retirement home More and more Americans are purchasing vacation properties in areas where they plan to eventually retire. Remember, vacation homes remain a good investment and provide substantial deductions on yearly tax forms if they meet certain criteria. As the laws are ever-changing, complex and detailed, consult your real estate agent, who will usually work with a tax attorney or certified accountant, to calculate the tax benefits of owning a second home. Relaxing in your own home in that dream vacation spot is not out of your reach. More and more Americans are realizing that owning a vacation home is do-able – not to mention a good investment and a peaceful retreat for years to come.
| | | | RELATED ARTICLES Paralysis By Analysis Every day we get emails and telephone calls from people who want to get started in Real Estate. We hear, I am just checking out your program. Or, I’ve been researching for the past six months to try and find a program. While researching and checking out programs is an important step, so many of these individuals never follow through to the next step, which is getting started and moving forward. Getting Started One of the first things we do with our Partnering For Your Success students is to have them plan out how many hours they can spend on lease purchasing. Why Its Important to Get Pre-Approved Having a pre-approved mortgage will give you the confidence of knowing exactly what you can spend on a home before you start looking. You will also be protected against interest rate increases while you look for your new home. Applying for a Home Loan Applying for a home loan may not be the most exciting way to spend your time, but if you are like many potential homeowners, it is probably a necessary evil. If you have some knowledge of the process ahead of time, however, it will go much more smoothly. Buying and Selling Distressed Houses for Maximum Profit If you want to become a real estate investor, find a "fixer-upper" owned by an anxious seller. Finding distressed houses at bargain prices, fixing them up, and then selling them on a consistent basis can make you a millionaire. Mortgage Consumer Bill of Rights This bill of rights was laid out by Franklin Raines, president of Fannie Mae on January 15, 2000. The Mortgage Consumer Bill of Rights is a pledge fof $2 trillion over 10 years to help consumers gain access to home ownership.It also includes an “Open Book” approach to underwriting where customers can see all of the factors that go into evaluating their creditworthiness and the process of applying for a home loan. Can I Have Your Autograph Being a celebrity means dealing with fan demands for autographs, ranging from polite and appropriate to rude and overbearing. One time Katherine Hepburn was performing on Broadway and tried to exit backstage through a crowd of jostling autograph hounds. Bodyguards helped her to her limo and once safely inside the very private star rolled down the window and shouted," Run em down! Well clean up the blood later!" The crowd scattered and the limousine sped away, pausing long enough for Hepburn to roll down the window and wave goodbye to her fans, accompanied by an evil laugh. Strangely enough, when she lived in Beverly Hills the seclusion loving Hepburn developed the habit of sneaking into her neighbors houses as a hobby. She became expert at climbing trees, avoiding alarms and dogs, and revealing herself just before her nervous neighbors called the police. Before Selling Your Home Here are some important steps you should take before you put your house on the market: Mjmls.com Offers a New Advertising Venue After conducting months of research towards developing an online Marketplace, Mjmls.com initiated beta-release of a new Classified Advertising Venue http://www.mjmls.com. With several modifications to the Mjmls Website, users will now see the Classifieds as the main page at Mjmls.com. The original Web Directory, has been moved to a Sub-domain on the server, but is still available for Webmasters to promote their Site through a, “Link-Exchange”. Small Business Tax Tips - Product Review of Tax Reduction Toolkit Product Review – IntroductionProduct Review – What I likedProduct Review – What I didn’t likeProduct Review – Best Features SummaryTable of Contents – Seven Sections – 29 Tax TipsFinal Comments and Pricing under $40Suggested Books & Reference URLsPreview the ‘Tax Reduction Toolkit’ at: http://www.yousaveontaxes.com/toolkit.htmlhop=msbjcoc How to Create a Professional Website In Less Than a Week Heres a really simple way... any novice can create a fully functional website in less than a week. Getting Pre-Approved for a Home Loan Is One of the Best Ways to Get a Leg Up on the Competition When Shopping for a Home The real estate market is soaring because of low interest rates that have brought home buying to average Americans.All over the country, more renters are buying and homeowners are upgrading their properties.In this hot seller’s market, a pre-approval letter from your mortgage lender can help you secure a winning bid on the home of your dreams. Four Tips For Getting More Mileage From Your Articles It has become common knowledge that the smartest and most effective free method of advertising your business and services is to write and submit articles to the over 400,000 e-zines currently on the net.There are even several e-books written on the topic, including mine, that will help you take advantage of this effective technique.What do you do next after youve invested the hours necessary to research, write, proofread, edit and submit your article to thousands of e-zine publishers What The Most Dangerous Job In The World Taught Me About Coping With Stress I just got through reading some troubling news in the New York Times this morning. It Takes Two - How to Cultivate Profitable Alliances “Cross promoting with other businesses can give you a significant advantage over the competition, with many benefits and cost savings.” -Heidi Richards- Negotiating the Real Estate Contract Negotiation is the process of communication back and forth in order to reach a joint agreement. There is no "one size fits all" strategy of negotiating a real estate contract. Many of our clients have been very experienced negotiators, and we have learned a great deal from them, as well as from books on the subject. We would like to share some of our thoughts on negotiating with you: Moving On: Powerful Tips For Selling Your Home Maybe youre moving to a larger home to accommodate a growing family, relocating for a new career opportunity, or purchasing a townhouse for retirement.Whatever the reason for the move, youll need to take the necessary steps to sell your home for the best possible price, within a reasonable amount of time.Where do you begin How To Make Easy Money on the Internet -- But This Time Its Actually TRUE! Introduction: Deep Linking Strategy for Content Sites Linking - what a mess if you dont know whats going on. Either linking is "IN" or its "OUT" according to what you read these days. Debt Relief From Debt Consolidation If you are up to your neck in debt, there may seem like there is no relief in sight. In fact this is not necessarily the truth. There are ways to take all of your stifling bills and roll them up into one neat package by using debt consolidation in two very popular forms Home Equity Loans, Refinancing Loans, and a Consolidation Credit Card. All of these instruments provide the debtor with one thing “relief” from the current debt by shrinking it down to a single manageable debt. |
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