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How To Buy A Second Home. The requirements for financing a second home purchase are stricter than for primary residences. When buying a second home, you have to pay a 3% surcharge, so the cost really adds up on top of the purchase price.
If you are planning to let out your current home and move into your second home you will need to talk to your mortgage lender. When buying a second home, you have to pay a 3% surcharge, so the cost really adds up on top of the purchase price. Maybe the reason you’re buying a second home is because of harsh summers or winters in your state.
Buying a Second Home Is It Right for You?
But the costs associated with a second home go well beyond another monthly payment. To flip and resell it, or to rent it. Because of this, you may owe taxes on any rental income you earn, and you won’t be able to deduct the interest paid on the home’s mortgage loan. Best ways to finance a second home.