My New Blog

Second Properties and Resorts

November 2nd, 2009 8:53 AM by Tammy Vaughn

Last week in Sarasota, I studied the Resort and Second Property Market, working toward my RSPS certification (Resort and Second Property Specialist).  The RSPS is a certification by the National Association of Realtors, designed to educate the real estate practitioner on buying, selling,management of properties for investment, development, retirement or as second homes.  What have I learned?? Lots!  The investment strategy of second homes is purchasing the second home for investment/rental, a number of years before retirement, then converting the home to a retirement home when You are ready to retire.  Have an investment property to 1031 exchange?? This is an option also.  There are a number of deductible expenses for a rental property, including the interest on mortgage debt, real estate taxes, depreciation, advertising, insurance, cleaning/repairs/maintenance, and tax preparation fees.   Once this property is converted to a personal residence the real estate taxes, and interest on mortgage debt are still deductible.  Of course. . . talk with your tax professional  before choosing to purchase an investment, second home.  There are so many considerations. .. I could only name a few!! 
Posted in:General
Posted by Tammy Vaughn on November 2nd, 2009 8:53 AM

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