Seasonal Migration; Not Just for the Birds
As the weather takes a turn for the worse, the thought of getting away to a warmer climate becomes more appealing. The term “snowbird” is often used to describe those who migrate from colder climates to sunny locations for extended periods each year. Becoming a snowbird and owning a home in another state can provide more than just a respite from the cold. Read on for more about the benefits of being a snowbird.
Making the Purchase
Many people are surprised to find that purchasing a second home is very similar to purchasing a primary residence. One difference is that with a primary home, the down payment often comes from the sale proceeds of a previous home. So where do the funds come from for a second home? Don’t overlook the equity in your current home when thinking about your next purchase. Cambria® Mortgage™ can help you asses your options and find a program that uses your assets to your advantage. One of the best things to do is to talk to your mortgage consultant early in the process, even before you begin your search. This way, your mortgage consultant can help you become familiar with the process and programs available so that you can enjoy your search and find your perfect getaway.
Besides the potential tax benefits, there is also the ability to rent your second home when you are not using it. Right now, many services are available for you to find renters and create some additional income to offset the added mortgage. Make sure you think about things like location, access, and appeal to renters when looking at properties if this will be part of your plan. Also, work with your tax advisor to fully understand the tax implications of purchasing and renting out your second home.
Don’t Overlook the ‘Other’ Benefits
While there are often financial benefits of owning a second home, don’t overlook the mental and physical benefits of being a snowbird. With the better weather, it affords you the opportunity to remain active with activities like golf, tennis, and walking. Being away from the snow and ice also limits the chances of falling and injuring yourself. Not to mention the bonus of no more snow removal!
Call Cambria Mortgage
To get started, call Cambria® Mortgage™ at 952-942-0110 today or visit CambriaMortgage.comOur team of experts will provide personal, hometown service with sound advice and impeccable attention to detail at every step of the process.