Real Estate Blog

Many homeowners look forward to purchasing a second home that can be used for vacations, rental income, investment purposes or as a primary residence during retirement. Current tax laws offer several tax breaks that can help make second-home ownership more affordable. If you already own, or are thinking about purchasing a second home, it will be in your best interest to understand the tax breaks and how they work. Different tax rules apply depending on how you use the property, for either personal or rental use, or a combination of the two.

Personal Use

As long as you use the property as a second home – and not as a rental – you can deduct mortgage interest the same way you would for your primary home. You can deduct up to 100% of the interest you pay on up…
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Set a budget. Consider how much you can afford to pay and follow the “rule” not to exceed 30-percent of your monthly income. Focus your search according to your budget and though you may be forced to compromise when finding a bigger apartment in a better area, make sure it’s worth spending the extra money. If you’re looking for a cheaper place to rent, try roommate services to share an apartment, but make sure you know what types of people or habits you’d prefer to avoid.

Apartment Need To Know List from Boots Levinson on Vimeo.

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Take a sheet of paper and write down your requirement list. You may also want to visit the neighborhood at various times of the day, night and weekend to see if it's what you expected. These all count when you decide where to live for the next few months, if not years. LivinPhilly - Love Where You Live

What To Search For Apartments - LivinPhilly.com from Boots Levinson on Vimeo.

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Northern Liberties   March 15, 2009   Active 249                   Total listings   153                  Active Condo Listings $ 2,600,000     Highest priced condo $ 109,900        Lowest priced condo 143                  Average Days on Market 15                    Condo’s in the last 30 days   96                    Homes $ 899,900        Highest priced home $ 50,000          Lowest priced home 139                  Average Days on Market 15                    Homes in the last 30 days   Sold (Within the past thirty days) 3                      Total number of sold properties $ 348, 500     Highest priced transaction $ 300,000      Lowest priced transaction 113                 Average days on…
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Washington Square   March 9, 2009   Active 7                      Total listings   180                  Active Condo Listings $ 2,700,000     Highest priced condo $ 144,900        Lowest priced condo 100                  Average Days on Market 1                      Condo’s in the last 30 days   5                      Homes $ 1,500,000     Highest priced home $ 314,000        Lowest priced home 75                    Average Days on Market 3                      Homes in the last 30 days   Sold ( Within the past thirty days ) 0                      Total number of sold properties N/A                 Highest priced transaction N/A                 Lowest priced transaction N/A                 Average days on…
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Washington Square West   October 5, 2008   Active 152                   Total listings   130                  Active Condo Listings $ 12,000,000   Highest priced condo $ 164,900        Lowest priced condo 139                  Average Days on Market 34                    Condo’s in the last 30 days   22                    Homes $ 6,875,000     Highest priced home $ 142,500        Lowest priced home 143                  Average Days on Market 6                      Homes in the last 30 days       To be the first to know when new listings hit the market; register for free Alerts.  Or visit www.livinphilly.com to view all property for sale.                                     If you would like a more detailed…
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  Washington Square-  Market Status   February 16, 2009   Active 10                     Total listings   6                      Active Condo Listings $ 2,700,000     Highest priced condo $ 275,000        Lowest priced condo 89                    Average Days on Market 2                      Condo’s in the last 30 days   4                      Homes $ 314 ,000       Highest priced home $ 1,500,000     Lowest priced home 74                    Average Days on Market 2                      Homes in the last 30 days   Sold 0                      Total number of sold properties within the last year N/A                 Highest priced closed transaction within the last year N/A                 Lowest priced closed…
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  Art Museum Area -  Market Status   March 19, 2012   Active 163                   Total listings   104                  Active Condo Listings $ 995,000        Highest priced condo $ 109,000        Lowest priced condo 95                    Average Days on Market 40                    Condo’s in the last 30 days   59                    Homes $ 1,005,000     Highest priced home $ 149,900        Lowest priced home 112                  Average Days on Market 12                    Homes in the last 30 days   Sold 6                      Total number of sold properties within the last year $ 270,000      Highest priced closed transaction within the last year $ 185,000      Lowest priced closed transaction within the…
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