When buying a second home in Woodstock, New York there are certain things a potential buyer should consider. Everything from taxes to location and even the intended use of the home can play a role in the decision to buy. There are usually costs like insurance and maintenance costs that should be researched in detail before the decision to buy is made. Below are some things to think about when buying a secondary home.
Tax season is upon all of us and we will either get a refund or end up paying money to the government. Owning a second home can give tax payers an extra deduction if done right. Mortgage interest might be fully deductible up to given limits for the current tax season. Property taxes can be deductible as well. It is always a good idea to consult tax professionals for more detailed information about financial benefits of owning a second home.
The intended use of the home is important to determine. A question to ask yourself is, “What am I going to be using the home for?” Some home owners rent the secondary home out to vacationers and short term tenants during the months the owner is not using it. This enables them to have extra income to help supplement the cost of owning that home. Before renting the home out make sure to check with local and state laws concerning rentals.
Finally, maintenance costs are another thing to consider when owning a second home. Things that are included in maintenance cost are lawn care, structural items, and extra utilities. These are added items that make owning that other home expensive. People fail at times to consider the extra financial obligations of having two homes. If you are not familiar with current costs of the community check with one of our Woodstock NY real estate agents and they can help determine potential utility costs for the neighborhood.
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