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Vacation Homes and the Market

Posted by: Chesley Payne
June 21, 2009
Topic: Consumer Information


I have pasted a link to an excellent article from the the Wall Street Journal that deals with issues surrounding second homes. While a second home was a popular purchase about two years ago, the market in these vacation getaways have been less than optimal due to the recent downturn.
 
Two things I would like to elaborate:
 
1. If you appeal your tax valuation, make sure you have an independent valuation of your property. It might be worth paying an appraiser $300 for an appraisal to take with you. It all comes down to your value and how you arrived at that amount. Also, if you are not successful, make sure you appeal. That might also be a god time to seek legal counsel.
 
2. If you follow this article's advice and wish to form a limited partnership or place the property in a limited liability company, make sure you seek the advice and assistance of two parties: a. a tax expert; and b. an attorney to help avoid pitfalls associated with having more than one owner of a property. The initial cost for these experts can save thousands and avoid issues with co-owners in the future.
 
Remember, get creative and save money. The purpose of these professionals are to help you achieve your goals in the most efficient way possible.
 

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