Buying a Second Home
It used to be that people did not buy a second home until they sold their first home, but times have changed. More and more people are realizing that it might make more sense than they had originally thought. There are a few main reasons why people buy a second home, to get away from day-to-day stress now or in some cases for retirement. Another reason is for the investment opportunities. Whatever your reasoning, be it peace of mind, or financial gain, or maybe both, owning a second home could be the right choice for you. There are many tax advantages, and you may not be aware of all of them. You can write off 100% of the mortgage interest, and you can write off property taxes. IRS rules allow for a capital gain on the principal residence whenever people sell–up to $250,000 for single, and up to $500,000 for a couple. Living in your second home for two or more years entitles you to the same capital gains break. If the return on your investment bears more than the bank interest will pay you, then you just made a really smart investment. Another thing to think about is that you have the option in a lot of cases to rent the property in order to help with your second mortgage. You will need to know if you will declare it as a vacation home, or rental property because the IRS has different rules for each. Keep in mind that if you declare it as a rental your mortgage could be a little higher. So the benefits can include tax breaks, a getaway for family vacations and holidays, a future retirement home, renters making your mortgage payments for you, or just a smart investment. On the other side, there is a second house payment, potentially higher mortgage if declared as rental property, and some upkeep involved. Just make sure to look at all your options to see if this is the right move for you.
It Starts with the River
Please check out the latest community Lake James Real Estate has to offer–The RiverClub. The RiverClub is a private, 180 acre, 35 home site community carefully designed around this bend of the Catawba’s cool, clear water. These headwaters have recently been afforded protected status with the goal of Trophy Trout water designation. While the Catawba is the undeniable cornerstone of The RiverClub, the property also directly faces the monuments of the Blue Ridge Mountains: Grandfather, Table Rock and Hawksbill Mountains. Some home sites overlook the river; some provide awesome views of the mountains; some include both.
The Amenities: A 16-stall stable stands adjacent to the 15 acre pasture and paddocks. Amenities include an outdoor ring, covered round pen and designated riding trails. A screened “pavilion” with cooking facilities is planned overlooking the 3 acre stocked pond for community gatherings or private celebrations.
The Family: Cousins Robert and Sterling Collett have thoughtfully developed special properties for eight years in Avery County, including Grandmother Mountain, The Farm at Banner Elk, and Big Rough Knob while conserving over fifty percent of the acreage through dispersal to conservation entities. As Burke County has been their family’s home for three generations, The RiverClub will be their flagship and is being offered exclusively by Lake James Real Estate. Call us today at 828-584-9999 to schedule a showing in this private gated community.
Water in our Veins–Meet Lake James Real Estate
Please call us if we can help with any of your real estate needs at Lake James – who better to help you than people who live, play and work here!
Polly Leadbetter – Owner/Broker P/ 828-584-9999 C/ 828-443-5407
Shane Cook – Sales P/828-584-9999 C/828-443-3205
Rhonda Edge – Sales P/828-584-9999 C/828-443-6595
Amanda Hotchkiss – Sales P/ 828-584-9999 C/ 828-335-3001
Marc Parham – Sales P/828-584-9999 C/828-443-1337
Denice Rechtiene – Sales P/828-584-9999 C/828-432-6976
