Two Nest Bird?
When you think of winter you think of cold, wet, and the hope of spring! Some northerners actually get so focused on the coming of warm weather they decide to be dual home owners; purchasing a home in both regions - north and south.
In order to fully consider purchasing another home in the south, there are a few things you need to address. First, understand that buying a home is a huge financial decision and having two residences in different parts of the world could have their drawbacks.
Reuters reporter Linda Stern states that a move to the south has various stages:
– Dual-home snowbirds. This is the most expensive option, because you’ll need to own two houses, or pay rent for half a year. The finances get more complicated, too. If you stay south more than half the year, you can jeopardize the primary status of your northern home. That’s not good, because you can lose out on a sizable capital gains tax exemption when you sell that home. Here’s even worse news: If you live in three places (got a lake house back north?) it is possible to be in a situation where the IRS doesn’t think any of your homes are your primary residence for purposes of getting the tax breaks.
You will also find a need for a segment of friends and some medical assistance in both regions as well as a large number of other considerations. Be sure to seek the advice you need when looking to invest in real estate, especially a second residence.
Relevant Tags: home buying, real estate, real estate coaching