Buying a vacation home and having a beach or mountain getaway is often a dream come true for families, but there are some things that you need to keep in mind before purchasing a second home.
Tip # 1: For financing purposes, a second home must be at least 50 miles away from your primary residence.
Tip # 2: Financed vacation homes must wait a year before renting and earning taxable income.
Tip # 3: Ensure the home is properly insured. Know what is covered and what is not. Because of the rising occurrence of wildfires and hail storms, Colorado insurance premiums are rising and are not covering as much.
Tip # 4: Budget for maintenance and upkeep of home while you are gone. A house left alone for long periods of time does not get the needed maintenance to keep up with the everyday wear and tear of a home.
Buying a second home is not always a vacation, but having a place to make memories with your friends and family is priceless. If you have any questions about selling or buying a vacation home or any home, don’t hesitate to contact Chadwick V.R. Williams at Denver Real Estate Professionals. Let’s talk about your future!
Chadwick V. R. Williams, SRES, CRS, GRI, SRS, Luxury Certified
REALTOR® - Life Goal Advocate
720-666-9805
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