A vacation home is a property that people buy for weekend retreats or other vacations. Vacation homes are either rented out when not used by the owner or left vacant. In some cases vacation homes may also be investment properties. Learn about what to consider when buying a vacation home or passing it on as an inheritance.
What should you do if you have property, like a vacation home that is in need of major repairs but your trust has no money to pay for them? One option for taking care of the vacation home could be taking out a home equity loan to repair the vacation home. A option that wouldn't be allowed for a vacation home is taking out a reverse mortgage because the home must be someone's primary residence. If no money can be procured for repairs, a decision to sell the vacation home may have to be made.
How many lots does it take to build a commerical property? And what do you do when your family owns a vacation home and no one wants to pay to fix it up? WGN Money Saving expert is here with the answers.
Timeshares are a horrendous business for consumers as there is typically is no ability to resell or even abandon the property (without causing huge problems for your credit history). Consult a real estate attorney to find out about your options for getting out of timeshares.
A homeowner wants to pay off his mortgage before retirement, but is unsure how to do that on his income. After age 59 1/2, he can withdraw money from a 401(k) plan without any withdrawal penalty. However, he may owe income taxes. He should look at options to gradually withdraw the money and let it continue to grow inb the stock market. A fee-only financial planner can help him evaluate his options for retirement.
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 households own a second home.