The plan to buy a second home is typically based on a variety of unique reasons. In some cases, the purchase is a long-held dream while other buyers crunch the numbers and determine it makes more sense financially to purchase what is considered a vacation home.
During the past two years, real estate markets across the county have experienced the increasing trend of buyers looking to purchase second homes in favorite vacation destinations. The Internal Revenue considers a second home as property occupied by the owner for about two weeks annually or reserved for personal use on average 10% of the time open to generate rental income.
While there may be a list of similarities for purchasing a primary residence, different rules may apply when it…
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