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Update Dallas | A central hub for market and real estate news affecting the Dallas region.

A central hub for market and real estate news affecting the Dallas region.



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Second Homes and Money Matters – Three Things to Keep in Mind

September 20th, 2013 | by The Update
Second-Homes-and-Money-Matters-3-Things-to-Keep-in-Mind328-CR-1710-Clifton.jpg

This estate home at 328 County Road 1710 on Whitney Lake in Clifton offers views of both sunrise and sunset. The home features a lap pool, saltwater swimming pool, and hot tubs – all perfect for a relaxing escape. Listed by Harlan Ray for $2,500,000.

Buying your second home is a big decision. And there are many financial details you might not have considered at the outset. (See also, “Second Homes – For Memories and Investments,” from Briggs Freeman Sotheby’s International Realty agents.)

Here are three important financial details to keep in mind, from Mark Scheets, guest blogger at the KCM Blog:

(1) The IRS has declared “if you live in your home for more than 14 days, or more than 10% of the time you rent it out in a year, then it is considered your personal residence.”  If these conditions are not met, your home will be considered a rental property and you must report all rental receipts as income.

(2) Buying an existing home is far cheaper than buying land and building.  Many people with second homes have made financial mistakes with their home and are looking to sell quickly to cut their losses and move on.  This fact could help a buyer if the house is similar to what they are looking for, as it can be had for a cheaper price.

(3) A mortgage on a second home will have a higher interest rate than one on a first home.  It might be a good idea to consider a home equity line of credit (HELOC).  A HELOC allows the buyer to tap into their existing home’s equity so that you can provide a bigger down payment.

Click here to read the full article at the KCM Blog.

Click here to read more news about real estate and the economy in Dallas-Fort Worth.

Briggs Freeman Sotheby’s International Realty is Dallas’ luxury real estate leader, with more than 190 agents in five offices located throughout Dallas-Fort Worth and access to the global Sotheby’s network, including more than 11,000 agents in 600 offices worldwide. CEO Robbie Briggs independently owns and operates Briggs Freeman Sotheby’s International Realty. For more information on escapes and second homesranch and land, and luxury homes in the Dallas-Fort Worth region and beyond, go to briggsfreeman.com.

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