WFSH: Work From SECOND Home Life?
The weather is growing cold and many snowbirds are starting to make preparations to head south… Sound appealing but not quite at the snowbird stage of life yet? Can you still get in on the warm weather action? With the current changes to many people’s working environments you may be able to live the snowbird life while still maintaining your working routine. Read on for the benefits of owning a second home.
Look at Your Situation
Before making the leap, make sure you look at your specific situation and make sure that working away from your physical employer is doable and appropriate. Right now many companies are shifting to a work from home model with many committing to staying that way for the indefinite future. If this is you, you still may want to jump on a Zoom call with your supervisor and run the idea past them before searching Zillow. Once you have everything lined up with your employer, it is time to get down to business.
Making the Purchase
Many people are surprised to find that purchasing a second home is very similar to purchasing a primary residence. One difference is that with a primary home, the down payment often comes from the sale proceeds of a previous home. So where do the funds come from for a second home? Don’t overlook the equity in your current home when thinking about your next purchase. Cambria® Mortgage™ can help you assess your options and find a program that uses your assets to your advantage. One of the best things to do is to talk to your mortgage consultant early in the process, even before you begin your search. Your mortgage consultant can help you become familiar with the process and programs available to you, making your search for the perfect getaway less stressful and more enjoyable.
Besides the potential tax benefits, there is also the possibility of renting out your second home when you are not using it. Right now, many services are available for you to find renters and create some additional income to offset the added mortgage. Make sure you think about things like location, access and appeal to renters when looking at properties if this will be part of your plan. Also, work with your tax advisor to fully understand the tax implications of purchasing and renting out your second home.
Don’t Overlook the ‘Other’ Benefits
While there are often financial benefits of owning a second home, don’t overlook the mental and physical benefits of working from a new location. With the better weather, it affords you the opportunity to remain active when you are not working and to get outside of your home for at least a portion of the day. One of the biggest complaints of the new WFH life is that there is not enough separation between work life and home life. Being able to get outside after your workday can make a huge difference in your mental state.
Call Cambria Mortgage
To get started, call Cambria Mortgage at 952-942-0110 or visit CambriaMortgage.com. Our team of professionals will provide personal, hometown service with sound advice and impeccable attention to detail at every step of the process.