You can avail a complete waiver on the property
taxes and reap the benefits of deduction in the capital gains when you
sell your primary home and shift to the second home. It has been
observed in most of the cases that a property investment leads to a
higher return on investment when compared with the normal bank
interest. There has been a consistent growth in the second home market
in past few years as per the recent statistics.
For individuals who have taken a second mortgage, renting out the
second home can be a worthwhile decision.
However, it needs to be noted
that separate guidelines have been framed for both rented property and
recreational property. Those planning to have a retirement home of
their own can move ahead with their decision to buy a second home.
The location is the key factor to be considered in the purchase.
Patience plays a key role and the more time you spend to make a
decision, the better it would be. The pros and cons of the property in
terms of the financial gains and annual costs need to be paid proper
attention. Lenders believe that a second home carries a greater degree
of risk when compared with the primary home. No wonder if you might
have to pay more insurance premium in case of a second home simply
because you have not occupied the home on a full time basis.
There is little room for error if you are purchasing a second home as a
senior citizen. Purchase of a second home by seniors is primarily an
investment decision. Personal enjoyment is secondary. So. this is a
very important decision and needs to be a well thought out one too. You
can have a secure and comfortable retirement if you act wisely.
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