If you love the Gulf Shores, you might be thinking about
purchasing a condo in the area. Even if you do not plan to move there full
time, you can visit as often as possible. However, there are several points you
should keep in mind when you are choosing the right condo for your needs.
Decide If You Want to Rent Out the Property
Most people who own vacation condos decide not to rent them out, and of those who do, it is common to overestimate the rate of occupancy. Renting can be a good way to help pay the mortgage and other expenses, but it is best to be conservative when figuring how much this will be.
People who are thinking of renting may want to talk to other
property owners in the area and find out what kinds of amenities tend to
attract renters. Repairs may be more frequent and it might be necessary to have
a local agency manage the rentals, so it is important to weigh the cost and
hassle against the income.
Understand Tax Implications
Tax implications for a second home may vary according to where you live, whether you have rental income and other factors. You will need to learn about concepts like capital gains taxes if you rent out the property as well as what deductions you may be eligible for.
Look To The Future
Understand Tax Implications
Tax implications for a second home may vary according to where you live, whether you have rental income and other factors. You will need to learn about concepts like capital gains taxes if you rent out the property as well as what deductions you may be eligible for.
Look To The Future
Consider the needs of your family now and in several years' time and how you will want to use the house. Is your family growing? Will loved ones tend to want to use the place often? Answers to these questions will help you decide how big your condo should be.
Sources:
8 Things To Know Before Buying A Vacation Home, Forbes.com
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