Process of buying a holiday home (rental, HOA fees, mortgage)

[Cpywell]

Can anyone help with how i would get started on buying a holiday home and making it a permanent home in years to come. We are planning on buying a property over the next 12 mths and use it as a holiday home until we are ready to move there permanently. Could anyone tell me what the laws and legislations are on doing this

Thanks

[nwlv]

It's still legal to own property in America.

[Finger Laker]

OP is coming from Europe

[Captain Bill]

Originally Posted by Cpywell

Can anyone help with how i would get started on buying a holiday home and making it a permanent home in years to come. We are planning on buying a property over the next 12 mths and use it as a holiday home until we are ready to move there permanently. Could anyone tell me what the laws and legislations are on doing this

Thanks

If you are obtaining a mortgage then you will need a LSR (Loan Status Report) from a lender stating that you are pre-qualified or pre-approved (pre-approved) is better, for the loan.

If you are paying cash, you will need a Proof of Funds document from your bank. Just ask your banker to supply one.

You may need to wire transfer the funds for the earnest money deposit, or obtain a bank Certified Check from a US Bank.

It's pretty simple.

[JustTryingMyBest]

Originally Posted by Cpywell

Can anyone help with how i would get started on buying a holiday home and making it a permanent home in years to come. We are planning on buying a property over the next 12 mths and use it as a holiday home until we are ready to move there permanently. Could anyone tell me what the laws and legislations are on doing this

Thanks

You can rent out the holiday home and take a tax deduction for rental expenses, maintenance, depreciation of the property, HOA fees, property tax, repairs, etc. AFAIK, as long as you make a "good faith" attempt at renting out the property, you can still use it occasionally for your own use. If you go over 14 days of personal use, you must apportion that part for personal use vs rental. I think that's the gist of it.

Here's a great article on the specifics: Taxes on Vacation Homes at SmartMoney.com