Purchasing a second home will increase your monthly expenses. If you are motivated to purchase a second home, but have some concerns about the increased overhead, look into the possibility of renting it when you're not using it. Many people do this to offset the cost of second home ownership. Visit renting your second home on this website for more detailed explanation of how vacation rentals work.
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Buying a second home is very exciting. For many, it fulfills the dream of getting away from it all in your own private space. No reservations. No having to eat each meal out. A quiet place away from the hustle and bustle of life. Our hope is that we can help you make an educated buying decision you will be happy with for years to come. If you have questions, please contact one of our agents via telephone (800-841-8919) or email: email@example.com
Renting your second home on a weekend or weekly basis is commonly referred to as "vacation rental". Offering your property as a vacation rental is a way to generate income when you are not using your property. The amount of income you receive depends on a number of factors, most of which the owner can control. While a vacation rental is typically considered a rental for tax purposes, there are significant differences between a vacation rental and a "permanent" or "long term" rental. Many people purchase vacation rentals when exchanging property using the IRS code 1031 (1031 tax-deferred exchange).
This general information is provided to assist in answering questions regarding vacation rentals. No liability is assumed. If you are considering renting your property, you should research the topic further including an interview with a professional vacation rental company. The tax implications are important and should be understood. Consult your tax advisor prior to renting your property. As with any investment, there are risks and liabilities involved. Consult your attorney and insurance professional prior to renting your property. Income varies with each property and owner, and is not guaranteed.