Second Home Cannot Be Primary Residence
In order to claim a home as a primary residence you have to live there for most of the year. You can't claim a second home, a vacation home or a retirement home a primary residence unless you plan to live there most of the time. If the IRS audits you they will look for certain records to prove a…
Avoid Fraud With Electronic Passport
Several years ago the federal government started issuing electronic passports, which contain a microchip to help prevent identity theft and scams. When you're traveling to your vacation home or your second home outside of the U.S. you may need to carry an electronic passport. Electronic passports…
Homeowners Insurance For Second Homes
Is your second home safe and secure? Vacation home ownership comes with a unique set of home security and homeowner's insurance issues. What should you look for in a homeowner's insurance policy for a second home or a vacation home?
Avoid Foreclosure Through Home Sale
How can you help out a relative who can't make mortgage payments? The relative could quit claim the property to you or sell it to you. Learn what to consider (including taxes) in deciding how to protect the property from foreclosure.
Recent real estate trends suggest an active market. First-time buyers are out in force, taking advantage of interest rates which are still at 6 percent or below for a 30-year fixed rate mortgage. But the big surprise in the real estate industry is how many people are investing in real estate by…
A homeowner owns investment property that her parents live in without a formal lease agreement, and is ready to buy another home. The lender will look at the investment property as her sole responsibility without proof that her parents make payments that help her pay the mortgage. A lease agreement…
Choosing The Best Rental Tenant
When you have an investment property you're trying to rent, choosing the best tenant can be a difficult decision. You want someone who will keep it in good condition, pay the rent on time, and possibly stay long term. Having a tenant that stays long term will save you the cost of finding another…
Buying Or Building A New Home This Year? Shop Around
Model homes are also the place to see the latest building trends, according to the National Association of Home Builders. Developers will often include complicated or fancy decorating ideas in their model homes to entice new construction buyers to upgrade carpet, tile, granite, paint and other…
In 2002, more than 6.5 million existing and newly constructed homes were sold, a new record. Although sales of new and existing homes are breaking records, sales of second homes are increasing faster than sales of primary residences. Sales of investment or vacation homes have increased by 25 percent…
Real Estate Agents Tend To Own Homes
The National Association of Realtors released a study that provides demographic information on its members. Real estate agents tend to be female and to own their own homes. Today's real estate agents tend to have more experience than in the past. Learn more about who is a typical real estate agent.
Avoid Investment Property's High Interest Rate
A family buys a home as an investment property and to house their college age sons. They wonder if they can decrease their interest rate on the investment property by reselling the home to one of their sons. Many lenders will give you the same rate on investment property that they give on a primary…
Some Tips On Buying Investment Property
With quickly depreciating home prices, thinking about investment property could be a good move. But there's more to buying investment property than simply picking up a shopping center here and a 40-unit apartment complex there. And, there's no single strategy for real estate investment success…
Making A Gambler Feel Right At Home
The rewards of creating the right "home away from home" are rich. Many gamblers will hop on a plane a half dozen times a year, check into the same hotel, and play the same tables, no matter if they win or lose $500,000 each time. Is Las Vegas the place to build your getaway?
For a number of years, experts have been predicting a boom in second homes. The reasons for this optimism are simple: The most popular ages to buy a second home are 55 to 65, and then 45 to 55, and then 65 to 75. According to the most recent Census estimates, approximately 6 percent of American…
