Your decision to spend more time living on the waterfront was easy. Deciding whether or not to buy or rent the waterfront home might be more challenging. Both options have their advantages and disadvantages to consider.
Should You Buy?
There are many reasons that you should consider buying your waterfront home instead of renting it. For instance, there is a real chance to build equity. Waterfront property is highly sought after, and there is less of a risk of losing equity over time with waterfront property than with many other types of real estate.
If you've purchased a house and have decided to use it as a rental property, then you have to make sure you have all of the contacts necessary to keep it running smoothly. You don't want to end up with a bad tenant or have to keep running over to the house to fix leaky pipes or shovel the driveway. If you want to be a landlord, then you need to treat it as a business and make sure you're responsible.
If you live in a so-called "community property state," this means that after divorce, you and your ex-spouse must divide up all of the debts and assets acquired during the marriage. For many couples, this means selling the home and splitting the money acquired through the sale. But if one of you wants to keep the home, things get a little more complicated. If you're not the one keeping the home, your priority should be to get your name taken off the loan so that you are not responsible for the money owed on that loan.
If you are thinking about buying a home of your own for the very first time, you might be excited about looking at different houses and comparing your options. Buying your first home can be an incredibly exciting thing, but it can be easy to make mistakes. These are a few common mistakes that you should avoid when buying your first home.
When you think about buying a home, you might have your dream home in mind.