Vacation/Second Homes

Owning a second home (not a timeshare), whether it is for vacation purposes, investment purposes, or both, has become very popular in the United States over the past decade.

One of the big attractions of owning a vacation home - apart, of course, from being able to enjoy your own place in a resort area - is the ability to make money renting the place out. And then there's the possibility of eventually selling at a profit.

According to statistics, Americans own about 6.6 million vacation homes, and the number of people who say they've bought for investment reasons is growing.

Purchasing a vacation home can be a great investment as well as a great getaway. However there are several issues to consider; Does the area also have a strong real estate market? Has it provided a good return on investment historically? Are there opportunities to rent the property frequently?

Furthermore, the tax rule on vacation homes can be tricky when it comes to renting them out and selling them. Particularly if you use the house some of the time and rent it out some of the time, it's important to know and plan for the various tax implications.

None of these issues is complicated, however, good preparation will make a big difference in achieving your goals. For assistance with purchasing a resort property in in the United States, or anywhere in the world, please contact us.