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Dreams and Dollars: Navigating a Vacation/Rental Home Purchase
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As we dive into the summer vacation season, a frequently asked question arises: should I buy a vacation home or rental property?
I share personal insights and experiences from when my family purchased a vacation home in Traverse City, Michigan, diving into the various considerations and decisions involved in such a significant financial commitment.
Here are some key takeaways to consider
- Understand the purpose: investment property vs. future retirement home
- Factor in costs: property management fees, higher taxes, maintenance/repairs
- Rental income may not cover all expenses, especially for a future retirement home
- Limits ability to travel elsewhere if frequently using the vacation home
I hope this episode provides helpful guidance as you navigate the complexities of owning a second home. Learn what factors you should weigh before taking the plunge into vacation home ownership.
Connect with Paul
Contact Paul here or schedule a time to meet with Paul here.
For resources discussed in this episode, visit tammacapital.com/podcast.
Follow Paul on LinkedIn, Instagram, and Facebook.
And feel free to email Paul at pfenner@tammacapital.com with any feedback, questions, or ideas for future guests and topics.
Resources Featured in This Episode:
Vacation Real Estate You Can Understand
HGTV Host Provides Insights on How to Make a Second Home a Reality
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