Dianne Drinkwater, Berkshire Hathaway Homeservices Florida Network RealtyPhone:
Email: [email protected]
Email: [email protected]
Image by Lena Lindell from Pixabay
Having a second home gives you an opportunity to spend part of your time living in another area or bring in another source of income if you rent it out. Purchasing another home is a major investment that requires careful consideration. Before you begin looking into properties for sale, keep the following factors in mind for your second home.
Whether you have a location in mind or you’re exploring your options, make sure you get to know the local area well prior to making a purchase. If you’re thinking of buying property in a vacation area you’ve visited before, for example, you should learn more about what this location is like in the off season. If you’re considering places you’ve never been to, gather as much information as you can about the area, such as local crime rates and average weather conditions throughout the year.
Your second home could be a single-family house or a condo or townhome. If you plan on using the property often and you want more privacy, a single-family house might be the right choice. Just keep in mind that you’ll need to make sure you maintain the property all year round. A condo or townhome might offer a better option if you only plan to visit your second home a few times a year, since you won’t have to worry about yard maintenance.
In addition to paying a mortgage and property taxes, there are other financial factors to take into consideration. For a vacation home, you might have added expenses, such as flood insurance in a hurricane-prone area. You’ll also need to include the cost of maintaining the property throughout the year, such as professional yard maintenance or routine HVAC maintenance. If you plan to rent out your second home, you might need to factor in the cost of hiring a property management company. You might also need to include HOA fees whether you buy a vacation home or rental property.
When you know where you want to purchase a second home and start looking into available properties, work with a local real estate agent. These agents are familiar with the local market, which helps ensure that they’re able to find you a home that fits your needs. They’ll also be able to determine the right asking price for it based on local market conditions.
The tax situation for your second home will depend on whether or not you rent it out and for how long. You’ll need to report rental income if you rent it out for more than 14 days per year, but you’ll also be able to deduct the cost of rental expenses. Since tax rules for property ownership can be complex, get detailed information about your situation before choosing a second home to purchase.
Dianne is a full time, full service, state licensed Realtor®, member of Northeast Florida Regional Association of Realtors® (NEFAR), St. Augustine/ St.Johns County Board of Realtors, National Association of Realtors® (NAR), Florida Association of Realtors® (FAR), and Northeast Florida Regional Multiple Listing Service And St. Augustine/St. Johns (MLS), Shearwater Certified, and Military on the Move Designation.
She provides a unique blend of leadership, sales acumen, project management, technology, and world class customer relation skills to enhance Watson Realty Corporation's values in the real estate sales and mortgage marketplace. She is a decisive take action solution-oriented professional with 25+ years of progressive business experience who efficiently utilizes technology to improve results. She has lived in the St. Augustine/Jacksonville area since 2005 and has seen the area continue to flourish and stays well informed of future growth plans within Northeast Florida.
Let's take a look at the lighter side of Dianne. She loves life is artistic loves music, the arts, yoga and genealogy! She loves to explore and hates to be bored. She loves the outdoors, especially plant life and wildlife. She has been a Master Gardener in Florida and Maine; as a photography enthusiast she has the eye to spot the perfect shot, which spills over to the photos she makes of the properties she markets AND frequently hires the best specialized real estate photographers/drone and videographers who make the difference in the sale. And, she loves to share her knowledge of the local real estate market and all aspects of the process to guide you through each step as a coach rather than a salesperson.
So, let's sum it up. Buying or selling your home is an important life decision. Reasons can vary greatly from change of lifestyle, to relocation or life challenges. You need someone you can trust, count on, respect and help shoulder the stress, anxiety and time commitment involved. Doesn't this sound like someone you want working for you?
So, what's the next step? Contacting Dianne of course. It is all about YOUR needs, goals, timeline and DREAMS! She's here to help you achieve them and she looks forward to hearing from you.
What are you looking for in a Realtor? - Someone who will really listen to your wants and needs? Someone who will expertly market your home until the SOLD sign adorns your front lawn or if you are a buyer tirelessly researches your wish list to find that perfect home? - How about someone who will always be honest, holds ethics in high regard as a realtor, who works aggressively to get you the best price for your home and someone who knows the market?
Selling or buying a home is a partnership with your trusted advisor- Dianne Drinkwater