Buying a Second Home TipsTake your time when buying a second home. You already own one home and you should make sure you don’t rush through your research for your next home. Once you find a house at an affordable price, give yourself at least a 24-hour period to research it before committing any money towards it.
Keep in mind if you’re investing in a second home that’s in another state, your title fees may vary, depending on the state.
Another issue with buying a second home is taxes. Your mortgage interest from a second home may or may not be tax-deductible. Consult with a tax professional or check out our Tax Calculator to see what you should be expecting if you purchase a second home. For some additional tax tips for second home owners from TurboTax, click here.
Lisa Bear of RE/MAX (262-893-5555) an experienced real estate agent in Wisconsin, Waukesha County & the entire Milwaukee Metro. Wisconsin Lake Living.