Ulster County Real Estate: The Second Home Market

Posted by Kyla Thomas on Thursday, April 1st, 2010 at 8:06am.

Ulster County Real Estate: The Second Home Market


Did you say that now is a good time to buy a second home?Ulster County Real Estate

Currently, there is an unparalleled opportunity to purchase a second home. The average cost of a home is declining, and appears ready to hit a soft landing and stabilize. The housing market is rife with a number of solid potential purchased waiting for a deal to be made. Lastly, there are a number of tax benefits to owning a second home, depending mainly on how the property will be used.

1. A second home for personal use, such a vacation homes, the tax benefits fall mainly on your deductible.

2. A second home for rental purposes, depending on the number of days it will be used for this purpose, or personal use, will determine the tax benefits that can be utilized. Some of the time frames that need to be considered are, less than 14 days a year rented and less than 14 days a year for personal use. A tax professional can assist you in determining the tax benefits that you are entitled to and how to best apply them to your individual benefit.

3. Lastly, if you want to sell the property with a profit that is tax free, you must make it your main home for at least two years prior to the sale. Again, check with your tax professional on changes in the law that may have taken place that will need to be considered to better benefit your tax situation.

Even though the market is churning with uncertainty, in chaos comes opportunity! The purchase of a second home could be the beginning of building a financial future that puts you in the driver’s seat.

Whether looking for a new home, a second home, weekender, country retreat..... start your search for Ulster County Real Estate here!       

5 Responses to "Ulster County Real Estate: The Second Home Market"

DJ Morris wrote: It will be interesting to see what the government has in store for us after the April 30th 'first time buyers' program expires....I agree, there are people that are going to make a lot of money investing at these prices.

Posted on Monday, April 12th, 2010 at 7:09pm.

Sell Property Fast wrote: Is the program for the first time home buyers now stopped or is it extended?

Posted on Wednesday, May 26th, 2010 at 11:49am.

Judgment Liens wrote: I am thankful I found an informative post like this. It seems that we all want to be legible in all matters.

Posted on Wednesday, May 26th, 2010 at 8:03pm.

Windham NY Real Estate wrote: Interesting post. Real Estate is having a big part on the business world, on real estate, selling is not as easy as eating peanuts, you need to have the guts, proper marketing and being honest on what you are selling but definitely real estate is really a great investment because it gives a lot of opportunity.

Posted on Thursday, July 22nd, 2010 at 6:21am.

cheap balenciaga wrote: there are people that are going to make a lot of money investing at these prices.

Posted on Monday, March 21st, 2011 at 10:35pm.

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