#second home

[jakobsteffen]

A motley compilation of photos of my beloved Edinburgh, collected over the past 20 odd-years.

[dxbcap]

We’ve arrived. 🛬🧳 A new life begins. 💪☺️

Megérkeztünk. 🛬🧳 Egy új élet veszi kezdetét. 💪☺️

[swampespresso]

Old Head of Kinsale, Ireland || ig: swampespresso

[fieriframes]

[Cooked to perfection. This is our second home. I feel like I'm family whenever I come in the door. FIERI: 'Cause comfort food's always been important]

[kingsaem]

M Y H A P P Y P L A C E

[literallyfrist]

Guest - Beach Style Bedroom

Large beach style guest medium tone wood floor and brown floor bedroom photo with gray walls and no fireplace

[worldoflunatriix]

Fiberboard - Exterior Idea for a large, conventional, beige, two-story home's exterior

[quinnallerton]

[nerdysiren]

This was my last day in Korea on Aril.... i miss this country so much...i was crying all day and the next before my flight.....

[diahsthings]

My favorite aesthetic is just regular daily life in India. Places I go to regularly. I miss it so badly. I can't wait to go back again. 🥰🥰🥰🥰

[isellmoney]

Rental Income From A Vacation Home

Are you thinking of purchasing a second property but are worried that your income may not be enough to qualify for a second mortgage loan? One solution many people want to consider is using rental income from the property you plan to purchase to help you qualify for the new mortgage.  The trick will be using Rental Income from a vacation home, if you are planning to use the property for short���

[fieriframes]

[Hits the spot for me. Oh, I am in love with life. I got a little bit of Caribbean in me, so it's like a second home]

[pushpamgroup]

What are the various benefits of second homes/vacation rental homes?

Investing in Second homes are the trend in the real estate market. Everyone wants to invest their money but wants immediate high returns. So second homes, vacation rentals like villas, row houses, Studio apartments, resort homes, etc can be owned & rented thus they become a steady source of passive income. And to my surprise, they are backed with a really good amount of returns.

When you are not utilizing your vacation homes, you can rent that and earn income from it; is what the basic idea of vacation rental homes is. It has numerous benefits like: 

Build passive income- It is your steady source of income thus a catalyst for income security. This becomes a good assurance for your retirement life.

Zero maintenance property- When on rent, the property is maintained hence you don't have to worry about minute fixtures and cleanliness. Plus if these are fully operational resort homes then they offer you proper maintenance facilities with dedicated staff. Hence it proves to be a hassle-free investment

Security- Whether the house is personally rented or managed by a reputed group the concern of security is solved. 

Cost-benefit analysis- Resort homes also offer high appreciation rates and ensure safe tracking of incomes and capital gains as there is continuous cash flow happening through rental incomes.

[cartoonsinthemorning]

Since you guys liked Marcille as Kermit that much, it seems fitting to thank you for my 12k milestone with MORE Kercille. And this time, Miss Falin is also here.

Thank you so much again everybody! MWAH 💗

[mortgagebrokercanada]

What to Know About Buying a Second Home

Purchasing a second home is an exciting prospect, whether it's for vacations, rental income, or a future retirement spot. However, buying a second property comes with a unique set of considerations that differ from purchasing your primary residence. Below are the essential points you should consider before taking the plunge into owning a second home.

1. Assess Your Financial Readiness

Budgeting and Down Payment: A second home typically requires a larger down payment compared to your primary residence. While the down payment for a primary home may be as low as 3%, a second home will often require 10% or more, especially if you're not going for a vacation property but another investment.

Mortgage Requirements: Securing a mortgage for a second home can be more difficult than for a primary residence. Lenders usually require a higher credit score and a lower debt-to-income ratio. Expect to pay a higher interest rate as well. Ensure you're financially stable to cover both mortgages if you still owe on your primary home.

Property Taxes and Insurance: Property taxes on a second home may be higher, and you’ll also need to budget for insurance, which may be pricier than what you pay for your main residence, especially if your second home is located in a flood zone or area prone to natural disasters.

2. Choose the Right Location

Vacation or Investment: If the second home is for vacation, think about proximity to family, leisure activities, and overall convenience. For rental properties, location is key to attracting tenants. Homes near popular tourist destinations, beaches, or cities tend to be in demand.

Rent Potential: If you plan to rent out the home when you’re not using it, research the local rental market. Consider both short-term vacation rentals and long-term tenants. Ensure the area allows short-term rentals legally, as some cities or HOA communities have restrictions.

Property Value Trends: Analyze the market trends in the area to ensure the home will retain or increase its value. Research the local housing market for signs of potential growth or decline.

3. Understand the Legalities

Zoning and HOA Rules: Check with local zoning laws and Homeowners' Association (HOA) rules. Some properties may have restrictions on renting out a second home. Others may have specific rules about maintenance, external changes, and how you can use the property.

Tax Implications: A second home can have tax benefits, such as deducting mortgage interest on your taxes if the property is used for personal purposes. However, if you rent it out for more than 14 days per year, you may need to report rental income and expenses. Consulting a tax professional is recommended to ensure you understand how this will impact your tax situation.

4. Factor in Maintenance and Upkeep

Costs of Maintenance: A second home means double the upkeep. You need to budget for maintenance, repairs, and any landscaping or snow removal. You may also need a property manager if it’s not near your primary home, which adds to the cost.

Long-Term Commitments: Consider whether you have the time and energy to manage a second home. Some people hire property managers, but this adds to the ongoing costs. If you plan to use the home for short vacations, ensure that the property will be well-maintained when you're not there.

5. Consider Your Lifestyle Needs

Vacations vs. Year-Round Living: Think about how often you’ll actually be using the second home. A second home can be great for occasional vacations or as a weekend retreat, but it might not be as practical if you’re considering living there year-round. If the location requires travel, consider whether the costs and logistics are feasible.

Future Needs: Are you planning to retire there? If so, consider how easily accessible the property is to healthcare services, amenities, and how it fits into your long-term lifestyle goals.

6. Financing Options

Home Equity Loans or HELOC: If you have significant equity in your current home, you may be able to use a home equity loan or home equity line of credit (HELOC) to finance your second property. This may offer better interest rates than traditional loans.

FHA Loans: In some cases, you may be eligible for a second home loan through the Federal Housing Administration (FHA), but there are restrictions. You must prove that the second home is a genuine secondary residence and not an investment property.

Personal Loans: For smaller or less expensive second homes, personal loans could be an option. However, these typically come with higher interest rates.

7. Prepare for Additional Costs

Utilities and Bills: A second home means managing utilities and regular bills. Depending on the property’s location, you may also face seasonal utility costs (like heating or air conditioning) or additional costs like water or septic services.

Furnishing and Equipment: Furnishing and stocking the second home can be costly, especially if it’s a large property. Consider whether you’ll need to buy new furniture, appliances, or outdoor equipment.

Travel Costs: If the second home is far from your primary residence, travel costs to and from the property should be factored in. Over time, these costs can add up.

8. Evaluate the Long-Term Commitment

Rent or Sell Later: Consider whether the second home will be a long-term investment. If you plan to sell the property later, make sure it will hold its value or appreciate over time. Research the future of the area’s real estate market.

Lifestyle Flexibility: Owning a second home ties you down to a property in a specific location. If you’re unsure about the long-term commitment, you may want to rent for a few years before buying.

Conclusion:

Buying a second home can be a rewarding investment but comes with unique challenges. Carefully consider your financial situation, the property's location, and your lifestyle goals. With thorough planning and research, your second home can provide years of enjoyment and economic benefits.

[homesweethome2024]

Another One of My Homes

I've been coming to my grandparents’ home by the gorgeous blue ocean since I was a baby, but at 20 years old, this visit felt just as comforting as it had my whole life. The crisp air hit my face the moment I stepped off the plane, filling my body with a sense of comfort and intense nostalgia.

As I made my way out of the airport and to the car, I saw my grandparents waiting for me, with their warm smiles and summer clothing on. The whole scene made me experience a Deja-vu, I hadn’t been here in a whole year, but the whole environment made me feel at home.

“Welcome back!” my grandpa said, giving me a tight hug.

The drive to the house contained palm trees, sand coloured houses, and of course, the blue ocean in the distance. As we pulled into the driveway, I was hit with a wave of happiness and I smiled. The house was the exact same as the last time I was here, with the salty breeze from the ocean flowing through the open windows. 

After dinner, I walked all the way down to the sandy beach. The sand cooled and shifted around my feet, as if it knew I was finally back. As the sun finished setting and the ocean stretched out in front of me, I watched the waves roll in and eventually the moonlight began shimmering on the surface. I picked up a seashell and ran my fingers over the edges. For a moment, I heard echoes of all the times I played in this sand and surfed these waves. I started seeing memories of all the Christmases I’ve spent here. Building sand castles, collecting rocks and seashells, and swimming with my brother. It seemed like that was a whole lifetime ago, yet the memories felt so fresh, like I never left.

The next morning, my Grandma and I went on our small boat, just like we used to. The engine hummed as the waves crashed against the sides of the boat. With each crashing wave, I saw an old memory I once experienced in the ocean. We sat in silence surrounded by the ocean that had surrounded me for every Christmas I remember. 

That evening, we sat on the porch, watching the sunset touch the top of the ocean, painting the sky shades of pink and orange. Grandma sipped her tea, and Grandpa made his usual dad jokes that we all laughed at. The salted air was warm, the sound of the waves were never ending, and I felt so much peace. 

(photo taken by me)

I had grown and changed in many ways, but this place, the house, the beach, and the people, would always be a part of me. I realized then that no matter where I was, or how far I traveled, spending time with my grandparents in Florida is where I felt most at home.