Last Updated on July 31, 2019 by Gardens Home Management Services
Owning property is a big dream for many. It is one of the most reliable ways to build wealth. But what about buying a second property in South Florida?
If you enjoy vacationing in South Florida, and if you want to establish more stability and greater roots in the area, then buying a second property could be a good idea. This might not be something that many young people can do, but an increasing number of people in their fifties and sixties are buying second properties in their favorite vacation spots in preparation for their retirement or simply because they love the snowbird lifestyle.
Being older means that you know what you like, you likely have an established career, a solid credit history, and perhaps you have also already paid off your first mortgage. If this sounds like you, there are still a few things to consider before you sign on the dotted line for your second property:
Can You Afford It?
Do not stretch yourself too thin financially in order to buy a second property. If you can’t truly afford it, rather opt for other accommodation options if you want to vacation in South Florida once a year. Adding more financial responsibilities to your life can be stressful, so make sure you have done the math.
Tax Considerations
Many people in America benefit from the tax exemptions on purchasing a property. The problem with this is that most of the tax exemptions only apply to your first property. Book a meeting with your accountant or financial advisor to make sure you have a good understanding of how property taxes in South Florida will impact your budget.
Caring For Your Property
A second home needs to be maintained just like your primary property. To make sure you can truly enjoy your second home, partner with us for everything from lawn and pool maintenance to security services. Contact us for more information today.