Buying A Vacation Home!
Buying a second home provides a wonderful escape hatch from your day to day realities. You don’t have to make any arrangements, you can pop in and out at your convenience, no reservations or baggage, the home is suited to your personal needs and you can stay as long as you like.
If you visit a location often, the hotel and restaurant bills saved can easily pay for the maintenance costs. And the home can appreciate in value making it an overall strong investment. Many vacation home owners end up retiring in their vacation home, those considering that option should buy a home in which they will be comfortable living in year round. Las Vegas offers many different rental/vacation-home options. There are “condo-hotels” in which the hotel rents out your unit while you’re away. They do charge management fees as well as maintenance costs. A buyer needs to FULLY understand the management contract prior to purchasing, some are quite complex.
Also, in Las Vegas, you can do home vacation rentals. There are both management companies and online sites that can procure tenants for you as well as set up maintenance and cleaning services. Once you set up a program, it can be limited maintenance if you structure it right. Once again, there are costs associated. Additionally, you must make sure that the HOA allows short-term tenancy in the complex you buy. Purchasing a vacation home to rent can be complicated and requires an experienced and knowledgeable broker to facilitate the deal correctly.
Should you finance, the lender will require a higher down payment and a slightly higher interest rate whether it is purchased as a rental or a second vacation home. If you purchase the home as an investment property, it may provide you tax advantages as well. Even as a vacation home you may still be able to deduct your property taxes and mortgage interest. Please check with your tax advisor.
Owning a vacation home can be a wonderful benefit for you, your family and your friends. It’s a home in which to draw together those closest to you. The memories will last a lifetime. With sound guidance and planning, it can be a solid investment too.
If you would like any further information about vacation home planning, please call the Real Estate offices of Roy and Misty Cooke at 702-376-1515 or e-mail us at RealtyAce@aol.com