Home Property » vacation home property

Does a vacation home qualify you as a first time homeowner?

admin — Sat, 31 Dec 2011 06:37:40 +0000

I purchased my first home in 2009 and I would like to purchase an investment property. I was told that if you purchase a "vacation home" within 50 miles from your home, you are still considered a first time home buyer. I desperately want to purchase an investment property while the market is low, but I don’t have 20% to put down.

ask the seller to lend you the 20%, since he is getting 100% of the
asking price anyway!

How much would i have to pay in taxes if I sold a vacation home in New York.?

admin — Sun, 04 Dec 2011 06:22:50 +0000

I am 60 years old btw. Would i have to roll over to another property?

You could potentially consider a 1031 exchange to avoid taxation, but there is no standard "vacation home tax." It would depend on all of the rest of your income, the cost of the home, improvements, depreciation amount, etc…. You’d have to "do" your taxes to figure out how much you’d pay in taxes. But, your account, who does them regularly should be able to at least ballpark it for you.

How can I set up utilities in a vacation home?

admin — Fri, 02 Dec 2011 04:29:49 +0000

we have a property in the mountains, we visit maybe every 2 or 3 months. In the Winter it would be nice to be able to turn the heat on from our home, which is about 3 hours away, so it’s warm when we get there.

There isn’t an internet connection there b/c we aren’t there very much, but I realize we need an internet connection. I just would like to avoid having to pay a monthly fee for something we would use every 2 or 3 months. Is there any other way?

Thx

Try FreezeAlarm – you buy the system for $350 and need two thermostats. You set one thermostat at the lower temp, the other at the higher temp. These get wired to the FreezeAlarm box which hooks to the phone line. You dial up, give it your password and tell it to switch between thermostats (allows you to switch to lower if you forget to before you leave). Here’s a link:

http://www.protectedhome.com/remote-temperature-control-c-24-l-en.html

How to mortgage a vacation home?

admin — Fri, 18 Nov 2011 07:54:54 +0000

I have recently inherited some money, and our dream was always to purchase a vacation home. My question is… do I pay off my primary mortgage, car, and every other debt first… and then use the balance of the cash as a down payment on the vacation home and get a mortgage on the 2nd home? I would go into that house absolutely debt free.. and the property taxes are half of what we pay now. Are there any tax implications or advantages one way or another?

Keep the mortgage on you primary residence and use as much money as possible ( if you can afford it) on the vacation home. Interest rates on a secondary residence are much higher on a mortgage than in the primary residence.

I have a vacation home. How can I set it up as a time share property?

admin — Wed, 16 Nov 2011 02:33:34 +0000

I have a 1500 sq ft full log home on Lake Michigamme in the Michigan Upper Peninsula. It is on three (3) acres with 241 feet of lake frontage. It is open year around and is great for all seasons. I could sell to twelve (12) buyers offering each 4 weeks per year, or 24 buyers offering 2 weeks per year. I would be the principle caretaker. What can I do?

You would probably not be successful in selling a large number of the periods; the good ones would be taken but the others would sit unsold.

A better idea would be to find a local company that handles seasonal rentals and let them rent it out when you are not there.

If I want to go to an out-of-state college but purchase property like a vacation home in the state?

admin — Wed, 09 Nov 2011 04:53:42 +0000

do I have to pay out-of-state tuition?

You have to be a citizen of that state, meaning you have to move there and live there for a certain amount of time depending on the state. Just owning property doesn’t make you a citizen.

what do I need to do to rent out my vacation home in terms of legal issues?

admin — Sat, 06 Aug 2011 06:15:51 +0000

Do I need to do anything special (i.e. business or property management license)? This is for the state of California in the city of Crestline. We have a tenant in mind that will need the place periodically throughout the year. We need to provide a receipt for him, so he can get reimbursed with his workplace. I was just going to make my own invoice and print it out for him.

Not unless the city requires you have one. In my city all landlords are required to register with the city and have a business license now due to problems with absent landlords..I’m in California. Beyond a lease/rental agreement, make sure you have a DETAILED account of every little item that is yours in the home, and what you expect the tenant to supply (some vacation homes require the tenant bring their own linens and towels, others supply them along with a washer & dryer). Do a thorough walkthrough both before and after they leave to be sure nothing was removed. Have a stipulation in the contract what will be charged if anything is missing.

Has anyone ever used Beach House Associates to rent vacation property in Surfside Texas?

admin — Tue, 02 Aug 2011 11:26:13 +0000

We are looking to rent a vacation home for our week at the beach. The house looks nice on the website but I have heard those can be misleading. We are thinking of renting from this company "Beach House Associates". Has anyone used them before?

Avoid this property (Harmony House) and avoid this management Company. Beach House Associates of Surfside Beach, Texas, have the single honor of providing the most poorly equipped, run down, and badly managed vacation rental property we have ever rented. There is a litany of old, worn-out and broken appliances, missing equipment, broken furniture, dirt, grime and filth. Unwashed plates, dozens of cigarette butts, missing light bulbs, defective (and dangerous?) electrics. Unwelcoming, over priced, poor quality, cheap and nasty fittings. We asked for a discount because the ads were misleading and the property is such a poor condition. We were refused a refund or any discount. BEWARE!!!

Water damage to our l/r floor in our vacation mobile home, how much do you think it would cost for a 12×12 roo?

admin — Mon, 25 Jul 2011 07:06:52 +0000

Major rain storm that dumped 3 inches in an hour leaked into our mobile home that we use as a vacation place. The living room is 12×15 and we need to know how much do you think that it would cost for the removal of the sub floor, lay new sub floor and lay new carpet. The insurance company needs estimates, but we live 3 1/2 hours away from the property.

call lowes with sq. feet. you will need that in plywood add nails glue double that price .thats a ruff price. but someone would need to see it. to get it any closer.

which property provide more tax deduction, vacation home or rental property/?

admin — Sat, 28 May 2011 12:50:43 +0000

Well, the vacation is none at all.