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Top 5 Benefits to Buying a Second Property

Home Buyers  \  March 11, 2016 10:00 am

Top  5 Benefits to Buying a Second Property
  1. Family Vacations
    One of the biggest costs associated with taking a vacation lies in hotel accommodations. When you own your vacation home, this is one less expense you have to worry about when it comes time to get away. Not to mention, the added bonus of having an entire house at your disposal versus a one bedroom hotel suite. A 5 day vacation rental can easily match what it costs to make a mortgage payment on your own vacation home.

  2. Stress-free Rental Property

    While most people only take a couple vacations a year, you will have the accessibility to take more now because you own the home. When your not using your vacation home, you can rent it out and the home can pay for itself.

    The easiest way to do this with minimal stress is to use a property management company to handle your renters and maintain the property while you’re not using it. They will charge a small fee or percentage of the rental price, but the benefits offered are well worth it. Companies like this make renting your vacation home a breeze by taking care of the marketing and renter-verification for you.

    Rocky Mountain Vacation Second Home Mortgage LoansThey will ensure that your property is cleaned, secure and make sure you get always get paid. Services like this can even maintain lawn care and notify you when any items need maintenance or other attention and they come highly recommended by current vacation home owners.

  3. Income and Cash Flow
    Depending on how often you choose to rent your vacation home, the income you obtain from it can easily surpass the expense of owning the home, giving you an additional source of income. This can really help to offset any financial investment issues you may otherwise run into by owning two homes. With one of them paying for itself and supplementing your existing income, it can prove favorable for you with future investment ventures you may want to explore.
  4. Tax Benefits
    Mortgage payments, home equity interest payments and property taxes may offer the opportunity for tax advantages. Of course you need to consult your tax advisor regarding the exact deductibility of interest, but more often than not, it’s a win for the home owner.
  5. Asset Appreciation
    Property investments are good investments to make as they provide the owner with a long-term asset that generally always increase in value. Of course, the extent of increase is dependent on property and location, but most generally real estate investments are some of the safest places to put your money.

    Learn more about the numerous benefits of owning a second property, Contact Us  here at Lendem Financial Mortgage Co .

 

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