Many people choose to purchase a second home in Delaware. Whether you are looking for a simple vacation home or a potential retirement home, there are many reasons to look favorably at spending time in the first state in the Union.
However, buying a second home is different then buying a primary home. According to HGTV, it is very important to take the time to evaluate your current and future needs before purchasing.
What if I want to buy right now?
Particularly if you are enjoying a certain area on vacation, it can be very tempting to make an impulse buy. However, doing this often leads to a lot of heartache and irritation down the road. For example, you may end up purchasing a property that is more expensive than you can afford once you take the time to evaluate your finances.
You also may end up with a home that does not exactly fit your needs. For instance, you may find that you need a lot less space in a second home as compared to your primary residence.
What else should I consider?
If you are thinking about renting out your second home occasionally, it is important to understand the tax laws surrounding this. For instance, if you rent the home out for fewer than 15 days a year you do not have to pay taxes on income, but if you rent out for longer than this then you must.
You also should consider the best type of home for your needs. For example, while you may enjoy having a stand-alone home for your primary residence, a condominium may be more convenient for you as a second home due to lower maintenance.
What should I know about buying a second home?
