Harbor Country Michigan has lured vacationers to its’ shores for a number of years. The charming, beach side towns that make up Harbor Country boast quaint shops, great local restaurants, beautiful homes and miles of white sand beaches.
As a team of Harbor Country Real Estate Prudential Rubloff agents and advisors, we’ve helped many find their ideal vacation getaway and in serving the community; we understand what makes it so special! In fact, our companies tagline, “Come for a weekend, stay for a lifetime” rings true for many vacationers! Once you experience the Harbor Country lifestyle, it’s hard to imagine yourself anywhere else!
Oftentimes, those who find themselves renting a Harbor Country home year after year for vacation, find that investing in the Harbor Country Real Estate market is the best option! They’ll find the Harbor Country home that offers that ideal sense of relaxation, space and convenience and they’ll want to make it their second home.
Sound familiar? If you’re visiting our blog because you’re interested in buying a vacation home in Harbor Country; we’re glad you’re here! We thought we would highlight a few tips for buying a second home before you begin your search.
1. Decide if it’s the right time to buy- We know home prices are still low, but you’ll want to look carefully at your purpose for buying and also determine your finances. Is this home a long term property you’ll want to keep for years to come? Is this solely going to be used as a rental property? Is this something you can afford right now?
2. Know what to look for in a second home- Before buying, make sure you get a good feel for the area and even the talk with the locals. Find out if Harbor Country is a good fit for you! (We’re pretty sure you’ll love it, but it’s always good to double check!) It’s also good to look at the comparable homes in Harbor Country. We can tell you if the Harbor Country home you have your eye on is comparable to other homes around the area.
3. Explore financing options- Buying a second home has the same type of financing and the typical 20% to 25% down or more is required.
4. Learn the tax ins and outs- Savvy tax planning can make a difference in your return on the property. Tax implications for second homes can vary significantly based on your financial situation and whether or not you plan to rent out the property. Generally, the interest on the mortgage of your second home is tax deductible, and rental properties are subject to additional tax breaks. Keep in mind that renting your home seasonally varies due to lake levels, economy and demand. We recommend that if you do plan on renting you consider rental income a bonus and if you have to rent to make the numbers work then you may reconsider the purchase. You do not want to get yourself in a bind.
Taking time to review these tips should help you as you consider taking the next step in buying a vacation home in Harbor Country. Not ready to buy? We can help you find a great rental home in Harbor Country for your vacation!
We are always here to help answer your questions and would love the opportunity to talk with you!
Contact us today to get started!
Shoreline Property Advisors
@ Prudential Rubloff
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