Right now owning a second home is more affordable than ever! The average price of a second home is down 23 % since 2007! The median price of a typical second home is $150,000 and is significantly lower than the median price of 195,000 in 2007.
Many gated communities in the North Carolina Mountains have reduced prices more than 30%. Hundreds of builders in the Lake Norman area of North Carolina are out of business. Those surviving builders are desperate for work and willing to sharply discount their prices. Prices won’t stay low for long so right now is a great time to get a bargain house, build a home or purchase a home that may have been out of your price range only a few years ago.
There are plenty of ways you can easily afford a second home without depleting your financial resources. Here are some ideas that can make your dream of owning a vacation home in North Carolina become a reality!!!
Purchase a fixer-upper. Rather than buying the perfect vacation home, save a bundle of money by making needed improvements on a less than perfect property.
Buy a second home with family or friends. This is a great idea for many people as long as you plan everything ahead of time. Decide before buying how to split the cost of the home. Make sure to have contracts written to cover the finances, maintenance and usage of the home.
Rent out your second home. The income earned can help cover the home’s initial cost. The IRS offers great tax deductions for both short and long term rentals! If you are unfamiliar with the rules regarding rental agreements or don’t have time to check on tenants, a vacation rental management company can handle the details for you.
Purchase land instead of a home to begin with. If you are unsure about how much you will use a vacation home, you might want to consider purchasing land instead of a house. You could bring a camper or tent and camp out on your property to allow you to get a feel for the area and to see how often you will really visit. Start out by building a small cabin and then if you need something bigger, build a house or expand onto the cabin later on.
For more information on North Carolina Mountain communities .
Contact me by email:
COMING SOON: WATCH FOR MY BLOGS AND PICTURES AS I BUILD MY OWN SECOND HOME IN THE BEAUTIFUL COMMUNITY OF PINNACLE FALLS, HENDERSONVILLE, NORTH CAROLINA!!!
Some information in this blog credited to high south realty company.
Many gated communities in the North Carolina Mountains have reduced prices more than 30%. Hundreds of builders in the Lake Norman area of North Carolina are out of business. Those surviving builders are desperate for work and willing to sharply discount their prices. Prices won’t stay low for long so right now is a great time to get a bargain house, build a home or purchase a home that may have been out of your price range only a few years ago.
There are plenty of ways you can easily afford a second home without depleting your financial resources. Here are some ideas that can make your dream of owning a vacation home in North Carolina become a reality!!!
Purchase a fixer-upper. Rather than buying the perfect vacation home, save a bundle of money by making needed improvements on a less than perfect property.
Buy a second home with family or friends. This is a great idea for many people as long as you plan everything ahead of time. Decide before buying how to split the cost of the home. Make sure to have contracts written to cover the finances, maintenance and usage of the home.
Rent out your second home. The income earned can help cover the home’s initial cost. The IRS offers great tax deductions for both short and long term rentals! If you are unfamiliar with the rules regarding rental agreements or don’t have time to check on tenants, a vacation rental management company can handle the details for you.
Purchase land instead of a home to begin with. If you are unsure about how much you will use a vacation home, you might want to consider purchasing land instead of a house. You could bring a camper or tent and camp out on your property to allow you to get a feel for the area and to see how often you will really visit. Start out by building a small cabin and then if you need something bigger, build a house or expand onto the cabin later on.
For more information on North Carolina Mountain communities .
Contact me by email:
COMING SOON: WATCH FOR MY BLOGS AND PICTURES AS I BUILD MY OWN SECOND HOME IN THE BEAUTIFUL COMMUNITY OF PINNACLE FALLS, HENDERSONVILLE, NORTH CAROLINA!!!
Some information in this blog credited to high south realty company.
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