A second home in Scottsdale offer some great benefits such as for investment,
tax savings, and of course pure pleasure.
There has never been a better
time to own a second home in the Valley. Demographics, lifestyle preferences,
lower costs of ownership, tax-saving benefits, and the ongoing property appreciation
are driving demand and growing market for second homes in the Valley
Our baby boom
bulge in the population is now pushing into the age categories that include the largest
numbers of second-home purchasers in history. Now, an expanding market for second
homes coupled with increasing competition among mortgage lenders, record low mortgage
rates, Arizona's tax law that allows one second home at a primary home's mortgage
interest rate, and competition among property insurers is bringing down the costs
and difficulties of second-home ownership. Even changes in the federal income tax
laws offer pleasure users and investors a variety of possible new tax breaks and
deductions.
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Ten Tips For Finding A Perfect Second Home
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- Define your lifestyle interests. It's well known that people who buy
second homes are primarily looking at areas that have to do with their
recreational interests. So ask yourself 'What is it that I like to do?'
Some of it is subconscious. It might not be something they are aware of
so they have to define what is the appropriate type of place where they'd
like to be.
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- Determine the ideal travel distance. Ideal traveling time is a matter
of personal preference and tolerance. If it's too far or too expensive
to reach within a few hours, you likely won't use an owner-occupied second
home enough to justify its cost. Don't sell yourself short by insisting
if you buy it you'll use it. Before you buy, consider renting in the area
for a season. See how often you actually manage to get to your vacation
home.
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- Research locations. You may like golf, but can you really afford a
home in a golf community ? Okay, you've defined your lifestyle but what
about affordability, climate, population and all those other issues? Check
with the local chamber of commerce, use the Internet, or ask me to find
out more about a community. If you live in Michigan or New York, you can't
do a drive-by to find out if the East Valley or North Scottsdale is more
expensive.
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- Select the desired location. Within the destination you have to pick
the community. Let's say it's Scottsdale Do you want a new planned development
or do you want to be in closer to downtown Scottsdale ? Do you want a
patio home or town home for less maintenance? If it's a single family
home, do you want a back yard pool and/or BBQ ? ? If you are into golf
communities, do you also want a golf home on the fairway ?
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- Make inquiries with locals. Go knock on neighbors doors to find out
what it's like (that's what I do !). How many second home owners are there?
Are they true home owners or renters? Too many renters and they might
not be keeping the place up. You need community details often available
only from the residents or contacts with Realtors who have done business
in the community.
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