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Buying a second home in a beach resort community sounds like a great idea. But if you live really far from that town, getting there might be so much of a hassle that you don’t go that much ...
In the 2015 Autumn Statement the Chancellor announced that buyers of second homes (whether Buy to let or holiday homes) would pay an additional 3% with effect from April 2016. The Budget in 2017 abolished stamp duty for first-time home buyers in England and Wales purchasing homes up to £300,000, saving first-time buyers up to £5,000.
If it’s a residential home, you can deduct mortgage interest as long as the second home is the one that secures the loan. You can also deduct state and local property taxes — up to $10,000 ...
A second home can also act as a buy-and-hold investment — real estate does tend to appreciate in value over time — and be a valuable asset to pass on to heirs.
In the 2010 budget, the Chancellor ended stamp duty on homes under £250,000 for first-time buyers for a two-year period, while introducing a new 5% rate for properties over £1,000,000. In the budget of 2012 , Chancellor George Osborne introduced a new 7% level for properties over £2,000,000 to assuage Liberal Democrat demands for a mansion tax .
The real estate market lately has made it a great time to sell a home — which means it’s not a very easy time to buy one, a conundrum for anyone who falls in the category of a second-time ...
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