By Craig Venezia
Every thing you must understand whilst looking for a moment domestic! you do not have to be wealthy to shop for a moment domestic -- yet you do have to be clever. paying for a moment domestic can provide the smarts, displaying tips on how to make the acquisition of your moment domestic a hit! you are going to tips on how to determine a reasonable finances, pick out an exceptional position, get reasonably cheap financing, reduce taxes and extra. discover issues you will not locate in different home-buying books, together with: cutting edge financing innovations, the way to hire your private home profitably, the right way to determine the funding strength of a fixer-upper, selecting the best loan for you, taking advantage of a second-home sale, purchasing a house in foreclosures and lots more and plenty extra! The CD-ROM is chockful of convenient checklists and customized worksheets that assist you make experience of the complete method. in case you are contemplating what may be the biggest funding you are going to make on your lifetime, be clever approximately it with deciding to buy a moment domestic.
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Extra resources for Buying a Second Home: Income, Getaway or Retirement
For example, in California, property taxes increase at a snail’s pace, while in Massachusetts, the sky seems to be the limit. future retiree High property taxes can take a big bite out of a retiree’s income. Since most retirees are on a fixed income, many look to retire in states and towns that offer lower property taxes. Refer to Chapter 4 to learn more about how property taxes and overall cost of living can impact where you choose to retire. 32 | buying a second home tip Before you buy a property, pay a visit to the town hall.
Calculate what you can spend each month for a second home Line 1: Total monthly income $________ Line 2: Total monthly expenses for existing home – $________ Line 3: Total other monthly expenses – $________ Line 4: Total monthly savings not related to second home – $________ Amount left for your second home each month = $________ How Much to Set Aside for Nonmortgage Second-Home Expenses The next step in creating your budget is to understand how much your second home will demand of you financially each month.
There’s a limit to how many repairs you can do on a home, even an expensive one. A cap of $5,000 works for most singlefamily houses, whether the house cost $500,000, $750,000, or $1 million. ) Also, if you have an older home (more than ten years old) or you’re a landlord, you’ll probably need to tinker with the accepted rule of thumb a chapter 2 | what a second home really costs | 29 bit. A 50-year old house is, for example, likely to demand more maintenance and repairs than a five-year old house.
Buying a Second Home: Income, Getaway or Retirement by Craig Venezia