second home

4 Questions to Consider When Buying a Second Home or a Vacation Home

Whether you’re buying a second home while you rent out your first home or you’ve decided to invest in a vacation home in Mammoth Lakes, the financing can look a bit different. Thinking through these four questions will help you decide if it’s the right choice for you. 1. Do you have plenty of cash reserves? When you get into second home buying, underwriters will want to see significant cash...

How I Found the Perfect Home in Mammoth Lakes

My favorite thing about being a Mammoth Lakes realtor is getting to introduce people to their dream homes. When I meet a new client, I’m always reminded of my own search for a perfect home in Mammoth Lakes. We bought our first Mammoth Lakes property in 2003. It was a second home for us. We loved visiting Mammoth Lakes, but we knew nothing about homeownership in a snowy mountain town. From visiting...

Second Home Tax Deduction Tips, SonjaBush.com

Second Home Tax Deduction Tips

With the end of the year nearing, it’s time to get all your tax options in order. With a second home, you have tax items to consider that you wouldn’t normally have with a first home.Second home tax deductions: 1. Mortgage interest. You can deduct the interest if you itemize deductions. Your deduction might be limited if either of these is true: a) Your mortgage is more than the fair market...

How To Prepare Your Vacation Home for Renters, sonjabush.com, Sonja Bush

How To Prepare Your Vacation Home for Renters

You purchased a second home or vacation home with the purpose of renting it out for additional income. You’ve lived in it a while, decorated it the way you want, furnished it with durable furniture ready for others to enjoy. Now it’s time to get it ready to rent out. 1. Make the home as livable as if you were living in it. Your tenants want to feel just as comfortable as you, so invest in good...

7 Steps to Consider When Buying a Second Home or Vacation Home, Sonja Bush

7 Steps to Consider When Buying a Second Home or Vacation Home

  Thinking about buying a second home? Below are seven steps to consider when making your decision. 1. Decide whether it makes financial sense – Is it for an investment, a vacation home, or both? Start building up cash reserves now. 2. Decide where and what type of home to buy – Consider resale value, convenience and amenities, property tax rates, the availability and closeness of medical...

5 Steps to Take Before Buying a Mammoth Lakes Vacation Home

Buying a second home can be both exciting and overwhelming.  Many second homebuyers start out on "vacation high" where they fall in love with the place they are enjoying for a few days holiday.  Once the decision is made to make the dream a reality, anxiety can set in.  The best way to relieve the anxiety is to follow these simple steps.   Decide how much home you can afford. As a...

5 Tips for Buying a Vacation Home

Here are five key tips to assess vacation choices, whether for personal use or an investment.   1. Understand your budget.  If not paying all cash,qualify for a loan before looking.  Understand how much discretionary income you will need.  You will need to cover monthly mortgage, real estate taxes, assessments, regular maintenance, homeowners’ insurance, furnishings, an emergency fund for...

Do’s and Don’ts of Buying Resort Property

If you have ever gone on vacation to a resort property, the odds that you have dreamed about owning a vacation or second home are very high.  The many options available to prospective buyers can be dizzying.  Amenities such as championship golf courses, world-class skiing, and private airstrips are just a few of the options available these days in many resort communities. Purchasing a resort property...

What are the common mistakes made by second home buyers?

According to real estate mogul Barbara Corcoran (you might know her from Shark Tank) if you are in the position to consider making a down payment on another property, now's the time to do it. According to Corcoran, "It's the smartest thing you can do right now," adding that the second-home market is "the last area you can still get a steal of a deal." But if you're thinking of taking the plunge, Corcoran...

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