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Buying or Selling a Home/why is buying a home considered a second home when i am renting a commute apartment?
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Question
I've just signed a purchase agreement to buy a new home in Rio Vista, CA. I will not be living there except during the weekend. During the weekday, I will be living in my commuter apartment. The loan counselor said that the new home would be considered a second home since i will be living in the apartment 2/3 of the time. Is this correct? Also would this eliminate me for the $10,000 rebate from the government?
Hi Catherine-
Thanks for the question however I think you might get the best answer from a tax professional. In my opinion, the tax credit was established to encourage people to buy and own homes. As this is the only home you will OWN it seems to me that that is what you are doing since you are not planning on renting out the house? It strikes me as no different than someone who travels during the week and stays at hotels? Again, I would talk to a tax professional as well as possibly another loan professional. Hope this helps, Toni
P.S. I found this column that might help-
http://www.mortgageporter.com/reportingfromseattle/2008/04/is-it-a-second.html
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Toni Yates
Expertise
As a real estate broker and agent for over 12 years, I am qualified to answer questions about buyer and seller agency, home ownership, second home ownership, lake property and basic real estate information and laws as they apply in the Commonwealth of Virginia.
Experience
12 years in real estate and a second home owner. Top producer for many years. Have specialised in resort and second home as well as primary home ownership. Also have expertise in equestrian properties. Owner and one of the founders of Re/Max Lake & Country as well as Greenway Horse Farm.
Organizations
National Association of Realtors, Virginia Association of Realtors, Fredericksburd Area Association of Realtors, Richmond Area Real Estate Association and Charlottesville Association of Realtors. Re/Max and the Better Business Bureau.
Education/Credentials
Real estate licensing and broker licensing courses as well as required and optional continuing education in my field.
Awards and Honors
Top producer awards from FAAR and Re/Max.
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