어스틴 부동산 소식

어스틴 (오스틴) 텍사스 부동산 뉴스 & 소식 (주택, 집, 콘도, 타운홈, 상업용 부동산)

Financing a vacation home gets easier

김세규
Author
admin
Date
2006-10-18 01:09
Views
2232




Financing a vacation home gets easier

New options bring second home within reach for more buyers.


NEW YORK TIMES
Sunday, October 08, 2006

The American dream used to include owning a house. Now, it's owning two.

Vacation homes, once the sole province of the upper classes, increasingly are becoming standard fare for mainstream Americans.

According to a study earlier this year by the National Association of Realtors, there are nearly 7 million vacation homes in the United States, compared with roughly 75 million owner-occupied houses — a significant jump from decades past, the association said.

Much of that surge is from investors who have pinned their hopes on a rising real-estate market. But in recent years lenders have also made it easier to finance vacation homes.

"In most situations, the interest rate on a second home is the same as a primary residence," said Doug Perry, a senior vice president at Countrywide Home Loans, one of the nation's biggest lenders. "And you can get a loan with 5 percent down. That's a change from five, 10 years ago."

Perry said that lenders once evaluated loans on second homes in a manner similar to rental properties, which tend to carry more risk and therefore higher interest rates and down-payment requirements.

"It's an acknowledgment that people have more second homes now," he said.

According to the real-estate group, of the owners who have bought vacation homes since 2003, 23 percent used the proceeds from other real-estate sales to finance their purchases, and 19 percent used equity or sales proceeds from their primary residences.

Those who are considering taking equity out of their primary homes to buy vacation homes should consider refinancing their existing mortgages and taking cash out to provide the down payment on the second home, instead of taking a second mortgage or a home-equity line on the primary residence, said Don Romano, the president of the Shelter Rock Mortgage Corp. in Lake Success, N.Y.

"Second mortgages carry a higher interest rate than a first mortgage, and credit lines leave you exposed to interest-rate changes," Romano said.

Aside from the obvious psychological benefits of owning a getaway home, vacation properties offer tax advantages as well. Mortgage interest is tax-deductible as long as the borrower's total mortgage liability does not exceed $1 million. If so, the interest on the first $1 million is still tax-deductible.

There are caveats. For instance, the more often a vacation home is rented, the less mortgage interest can be deducted, said Tom Ochsenschlager, a vice president of the American Institute of Certified Public Accountants. But if the owner rents the house for 14 days or fewer, there is typically no penalty.

When a vacation house is bought by several people — two couples, perhaps — tax deductions are simply split in line with the ownership shares, he added.

But too often couples or disparate family members do not weigh the factors that can complicate multiparty vacation home ownership, said Romano of Shelter Rock.

Romano said that he discusses how one person's financial situation could affect his or her ability to carry the costs of the venture and how it could raise the borrowing cost for the whole group.

"If there are any rough spots, having that discussion focuses light on them, and they either address things, or they don't go through with it," he said. "People don't want to jeopardize their personal relationships because of this."


Total 623
Number Thumbnail Title Author Date Votes Views
622
오스틴은 팬데믹 이후 주택 시장의 후유증을 어떻게 극복하고 있는가
admin | 2025.06.29 | Votes 0 | Views 43
admin 2025.06.29 0 43
621
4월, 중저가 주택 매물 10년 만에 최고치… 경제 불안 속 구매자에 희소식
admin | 2025.06.29 | Votes 0 | Views 42
admin 2025.06.29 0 42
620
집값이 산 가격보다 낮게 팔리는 주요 대도시들 (샌프란 -19.6%, 오스틴 -13.8%, 오클랜드 -11%)
admin | 2025.06.28 | Votes 0 | Views 33
admin 2025.06.28 0 33
619
"시장 조정은 예고된 일이었다" | 오스틴 주택 소유자들, 2022년 7월 이후 매입 주택의 48%가 손해 보고 팔릴 위험
admin | 2025.06.28 | Votes 0 | Views 60
admin 2025.06.28 0 60
618
라운드락, 미국에서 살기 좋은 도시 10위, 휴스턴 인근 수가랜드 3위 기록
admin | 2025.05.01 | Votes 0 | Views 332
admin 2025.05.01 0 332
617
집을 찾고 있는가? 텍사스의 이 도시들은 주택 가격이 가장 많이 하락했다.
admin | 2025.05.01 | Votes 0 | Views 358
admin 2025.05.01 0 358
616
2025년 2월 오스틴 부동산 시장, 주택 및 임대 가격 하락, 재고 증가로 구매자·임차인 기회 확대
admin | 2025.03.15 | Votes 0 | Views 494
admin 2025.03.15 0 494
615
2025년 1월 오스틴 주택 시장 안정… 임대 시장도 강세
admin | 2025.03.15 | Votes 0 | Views 388
admin 2025.03.15 0 388
614
오스틴의 주택 가격이 미국 50대 도시 중 가장 큰 폭으로 하락
admin | 2025.03.15 | Votes 0 | Views 347
admin 2025.03.15 0 347
613
오스틴 임대료, 대규모 주택 건설 붐 속에서 정점 대비 22% 하락
admin | 2025.02.28 | Votes 0 | Views 463
admin 2025.02.28 0 463
612
오스틴 지역 주택 시장 전망: 2025년 부동산 예측 및 트렌드
admin | 2025.02.26 | Votes 0 | Views 493
admin 2025.02.26 0 493
611
텍사스로 이주하는 사람들은 어디서 올까?
admin | 2025.02.14 | Votes 0 | Views 471
admin 2025.02.14 0 471
610
어스틴, Realtor.com 2025년 전미 최고의 부동산 성장 도시에 들어
admin | 2025.02.06 | Votes 0 | Views 643
admin 2025.02.06 0 643
609
2025년 오스틴 부동산 시장 예상은?
admin | 2025.02.06 | Votes 0 | Views 702
admin 2025.02.06 0 702
608
2024년 전체 및 12월 센트럴 텍사스 부동산 시장, 안정적인 한 해를 마무리
admin | 2025.02.06 | Votes 0 | Views 563
admin 2025.02.06 0 563