When it comes to a second home everyone has their own preferences: a house on the lake, on the beach, in the mountains, golf communities and so on. In my neighborhood and on my street there are four lake houses on the market for sale. All of them are 3 bedrooms, on the water with private boat lifts and decks, and all are priced between $315,000 and $419,000.
In the big scheme of things for waterfront homes on Lake Conroe they are pretty affordable. Or maybe not.
What if you dream of vacationing or spending weekends on a big lake, on the beach, or in the mountains? Perhaps you could rent a home like that. The cheapest weekly rental rates for a lake home on this lake start at around $2,000 and go up quickly!
Lots of folks who own these lake houses live in the city. They have other homes to tend to, pay taxes on, and maintain. Sometimes their lake home gets neglected, especially in the winter. That brings on more maintenance in addition to the maintenance fees or dues, and basic repairs.
On the other hand there are some advantages to owning a second home. If the home is in a suitable location you could rent the home out. You could rent it weekly, monthly, or whatever term suits you. The additional income from renting the home could help cover additional mortgage, repairs, taxes, and other expenses that come along with owing the second home.
Speaking of taxes: If you use the place as a second home– rather than renting it out as a business property — interest on the mortgage is deductible just as interest on the mortgage on your first home is. There are several caveats to consider when it comes to your taxes so be sure to consult a tax professional when it comes time to file.
What is an affordable option? Consider a timeshare. Someone else will maintain it, upgrade the interior, keep things running all year, and host family activities that the average home would never have access to.
Plus, a timeshare will cost a tiny fraction of what buying a second home would cost. You can even buy a timeshare on the resale market for a fraction of what the resort would charge if you buy your timeshare on the resale market.
Consider it. The best locations, great accommodations, low cost, and no pressure to maintain a home you do not live in or have easy access to.
Timeshare. Better than a second home. www.RPMLS.com