It doesn't matter if you are searching for a first or second home; today's market is great for people who are looking for a beautiful home to call their own. Because of the great interest rate and low prices, many people are looking into buying a vacation home for the first time! Here are a few things to consider when purchasing a vacation home!
What do you call ‘heaven"? Is it a beautiful home nestled close to Smith Mountain Lake? Is it a retreat deep in the woods? What is your idea of the perfect vacation? Deciding what type of home you want and where is the first step in buying vacation property. From Condos to Single Family Homes, there is a wide variety to choose from. Using a local realtor will help you find the perfect house for your family's needs!
One way that can help you reach the goal of a vacation home is deciding how much time you will spend there. If you are willing to, you can rent your home out when you are not using it yourself. In most areas, you do not have to pay taxes on rental income if you rent your home out for less than 15 days a year. If you rent your home out more than 15 days a year you have to report the income, but you have the option to deduct expenses, including maintenance and cleaning services!
Some people will even pool their resource with friends or family to increase their buying power. You can have the vacation home of your dreams at a fraction of the cost! If all this talk of having your own perfect spot for a retreat has got you thinking, these few tips may help you get started on Vacation Homeownership.
If you are ready to start looking for your Smith Mountain Lake vacation home, contact Vicki Millehan! If you haven't ever visited our area you need to! From the Bedford Wine Trail to the National D-Day Memorial and the Arts, we offer it all! If you like it, then move here!!!
What do you call ‘heaven"? Is it a beautiful home nestled close to Smith Mountain Lake? Is it a retreat deep in the woods? What is your idea of the perfect vacation? Deciding what type of home you want and where is the first step in buying vacation property. From Condos to Single Family Homes, there is a wide variety to choose from. Using a local realtor will help you find the perfect house for your family's needs!
One way that can help you reach the goal of a vacation home is deciding how much time you will spend there. If you are willing to, you can rent your home out when you are not using it yourself. In most areas, you do not have to pay taxes on rental income if you rent your home out for less than 15 days a year. If you rent your home out more than 15 days a year you have to report the income, but you have the option to deduct expenses, including maintenance and cleaning services!
Some people will even pool their resource with friends or family to increase their buying power. You can have the vacation home of your dreams at a fraction of the cost! If all this talk of having your own perfect spot for a retreat has got you thinking, these few tips may help you get started on Vacation Homeownership.
If you are ready to start looking for your Smith Mountain Lake vacation home, contact Vicki Millehan! If you haven't ever visited our area you need to! From the Bedford Wine Trail to the National D-Day Memorial and the Arts, we offer it all! If you like it, then move here!!!
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