Why you buy a home, it tends to fall into three categories, which have different tax and mortgage considerations.

• Primary Residence: Unless you’re planning to be on vacation a majority of the year, it’s unlikely your vacation home will be your primary residence. However, it does come with tax benefits, and primary residences often require a smaller down payment, depending on the mortgage.
• Second Home: You can’t rent out a second home, but that means you have access to it any time you want. And the tax benefits are similar to that of a primary residence. Plus, you can use the full cost of your primary residence and the second home to qualify for your mortgage loan and put as little as 20 percent down.
• Investment Property: Like a second home, you can use the full primary residence and second home costs to qualify for the mortgage, but down payments typically start at 30 percent. You will not receive the same tax benefits, but because you can rent the home out when you are not using it, that income can offset some of your costs.

The sale price is only one part of the total cost of buying a home. First, there are closing costs, inspections, taxes, insurance, and other fees that come along with the purchase. Then, you’ll want to figure in the long-term costs, including utilities, furnishings, and property maintenance. Don’t forget to factor in the cost to travel to and from the home, too.

Because vacation homes are often a distance from where you’ll regularly live, you’ll want to be extra cautious about security. Burglars often look for homes that appear unoccupied for long periods of time. Plus, security is about more than just protecting against criminal activity. Anything from a burst pipe to an electrical outage can cause big problems when left unattended. Find an alarm system that can provide you with some peace of mind on the security front. This could be anything from a high-tech home monitoring system to a friendly neighbor who checks in regularly.

A lawn can’t mow itself, and snow can’t shovel itself. If you’re away from the home when these types of upkeep come due, or when repairs are needed, you will need someone else to handle the them. In addition, if you rent out your property, you will need to factor in the costs and logistics of having a cleaning crew come between guests.

Ready to start searching for your second home? Your best resource to help navigate the process will be a local real estate agent. They will know the market best and can help you make the smartest choices on everything from the best properties to consider to the right inspector.

About Empire Appraisal Group, Inc.

Establish in 2005, Empire Appraisal Group, Inc., is Broward County’s leading residential appraisal company as a result of their accurate and reliable appraisals, excellent customer service, and quick turn times.  When working with an appraiser, integrity and professionalism are essential, and Empire Appraisal Group has a well-established reputation for providing the best appraisal experience.  Daniel Lindeman, the Chief Appraiser, is considered one of the top property appraisers in Florida, with nearly 15 years of expertise and 7,000+ appraisals to his credit.

We ‘specialize’ in helping people who need appraisals for estate purposes, divorce, bankruptcy, FSBO’s and more.

We also work closely with realtors to help establish listing prices, these pre-listing appraisals ensures sellers get top dollar for their home.

In addition, to homes of all shapes and sizes, we also appraise condos, multifamily homes, boat docks, land, as well as specialty properties. No job is too big or too small, from manufactured homes to mansions.

Call Empire Appraisal Group directly with any questions concerning your real estate values at 561-441-9298.  Also, check out our ‘Reviews’ page and see what others are saying about Daniel Lindeman and Empire Appraisal Group, Inc.

We provide residential appraisal services to all cities in Broward County:  Parkland, Coral Springs, Coconut Creek, Dania Beach, Cooper City, Davie, Deerfield Beach, Fort Lauderdale, Sunrise, Hallandale Beach, Hillsboro Beach, Hollywood, Lauderdale by the Sea, Lauderdale Lakes, Lauderhill, Lighthouse Point, Margate, Miramar, North Lauderdale, Oakland Park, Pembroke Pines, Plantation, Pompano Beach, Sea Ranch Lakes, Tamarac, Weston, Wilton Manors.