| Buying and Owning a Second Home | Helpful information about buying, owning and maintaining a second home in Ski Country | Ski Resort Real Estate Search
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| | December 26, 2008 | | Wishing you a safe and fun holiday season. |
Ski Resort Markets wishes you a
Merry Christmas.
We hope that you are able to enjoy the slopes this holiday season.
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| | December 23, 2008 | | FICO score changes coming in 2009 | There are many changes coming to the world of finances next year. And this is no surprise, considering this year's meltdown and the state of the economy. In addition to capital gains changes for buying a second home, there are also changes coming to the FICO score.
FICO score and a second home
If you are looking to buy a second home, your FICO score is important. The lender wants to make sure that you are reliable -- in addition to making sure you can handle another home payment. With changes coming to FICO, your credit score may be affected.
The changes in the formula that FICO uses for your score will include finer shadings for your consumer habits, as well as changes to how "piggybacking" is viewed. Make sure you check your credit score early next year -- and before buying a second home.
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| | December 18, 2008 | | Be aware of new tax laws regarding second homes | Starting in 2009, there will be a number of changes that affect those with second homes. Indeed, for a number of years, there have been a number of tax advantages to carefully deciding the question of primary residence v. second home. Now, though, many of the advantages are changing.
Capital gains exclusion
For those with second homes, the capital gains exclusion for the primary residence has been quite helpful. They are going now. Here is what Free Money Finance points out about the new way capital gains will be figured on the primary residence:
The new law eliminates the capital gains exclusion, prorated on the
amount of time a home was not your primary residence. After January 1,
every day you aren't living in a home starts adding to the percentage
of capital gains tax you will ultimately be obliged to pay.
Also, capital gains are no longer waived on a primary residence
unless it has always been your primary residence. Starting in 2009, the
percentage of time a home is not your primary residence will be the
same number used to calculate the amount of capital gains that won't be
waived. For example, if you own a house for ten years and have only
lived in it for five, you will have to pay taxes on half of the capital
gains when you sell it.
It is likely that these new tax changes will have the effect of increasing the number of homes on the market, since many will try to sell their second homes. So, if you are looking for a second home (and aren't too concerned about getting too many tax advantages), it might be a great time to buy in a couple of months.
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| | December 08, 2008 | | Powder Ridge Cabins allow for fractional ownership | With the economy behaving as it is, there can be difficulty in buying an entire second home -- even you plan to rent it out when you are not using it as your vacation home. One of the ways you can get around this, however, is through fractional ownership.
At Big Sky ski resort, it is possible to enjoy fractional ownership at Powder Ridge Cabins. There are a number of options available for part ownership at Big Ski ski resort, and this can allow you a chance to own a piece of the mountain (including some prime ski-in/ski-out property) at only part of the cost -- and you can still rent out your cabin on your fractional weeks if you want.
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