Whether you are thinking about moving to the Omaha area and keeping your current home, or you are trying to buy a second home — perhaps to rent out — we can help. Our beautiful city has lots to offer, so it is a desirable place to live. We know that the process of finding and buying a second home can seem daunting, especially when you have an existing mortgage, but the process is easier than you may expect. In today’s blog, Bill Swanson and The Swanson Group discuss what to expect when purchasing a second home and the reasons that it is more attainable than you think.
Beginning The Property Search
If you are in the market for a second home, you have a lot to consider; are you trying to rent it out? If so, how many units will it be? If it is just for you and your family, what amenities do you want? No matter what you want to get out of an additional property, you need to be thorough and discerning in your search. Using our property search feature can help you see what’s available in the Omaha area and give you a sense of what you can get for the budget you’re working with. We are here to help you find your ideal home — no matter if it is your primary residence or a second house to enjoy with your family.
Paying For A Second Home
Once you find the ideal property, it is time to buy. However, you may be surprised to learn that there are fewer mortgage options available when buying a second home. For instance, you will probably only be able to take out a conventional mortgage, which means you’ll have to spend close to 20% of the total cost on your down payment. This could be quite a lot higher than what you paid for your primary home. With that said, there are some tax benefits that could make the overall cost more palatable.
For starters, you can deduct the full interest on your second property’s mortgage — up to $750,000 a year. Another big benefit comes from renting it out while you are not there.
If you rent out your home for fewer than 15 days a year, you do not have to report any income you make to the IRS. If you do end up deciding to rent it out longer than this, you will have to report this income, but you can deduct any costs that come from maintaining a rental property.
No matter where you are in the home-buying process, we are here to help you through every step.
Contact Us To Learn More About Purchasing A Second Home
Whether you are looking for a primary residence or you want a second home, our team wants to help. To learn more about our property search approach, please call our Omaha, NE real estate group today at 402-679-6566. We serve people in Omaha and surrounding communities, and are eager to meet you and start your journey!
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