In 2018, the US enacted significant tax reforms. Homeowners like you are among those who will have taken note of these changes, and may be wondering: under the new code, what are the tax breaks for second homeowners? Does it matter whether the second home is going to be a rental or a vacation getaway, or whether it’s a boat or a chalet?

When comparing the new tax code to the pre-2018 rules, there are four key ways the new tax code affects second homeowners. If you’re considering buying a second home or want to know how the new rules will impact your plans for an Airbnb income stream, read on! Our team at Parks has the information to help you second homeowners make the most of each potential tax break in 2020.

1.) Tax Breaks on Second Homes

Moving closer to work sounds reasonable but is it actually worth it? That’s what we want to help you answer with this article. If any of the points below sound like you, then buying a home closer to work may be the best move you could make.

Ready to buy your next home (or first home!) for reasons other than shortening your commute? We can make that happen! Contact us today to get pre-approved for a home loan and start home shopping.

Will buying a home closer to work save you money?

Sometimes you live out of the immediate work area because of high property values, thinking that it would be less expensive to commute. But the real test is to add up the cost of living, including the mortgage payment, utilities, and property taxes PLUS the cost

When luxury homes collide with pet lovers, there are more than a few items when it comes to what’s on the luxury homeowners’ “must-have” list. Considering in 2018 that American pet owners spent $72 Billion on their pets, there is no shortage of love for all things “pet”. Below are some of our favorite pet elements to think about for luxury homes (in order from most practical to most lavish):

Food & Water Bowls

As something that is seen every day, usually right smack dab in the middle of the kitchen or other central places, having both stylish, and practical pet bowls are a great place to start. Depending on the aesthetic, pet owners are excited to add a little luxury by thinking about the height of the bowls, the freshness of the water, and

Mortgage rates have been relatively consistent, but don't let that get you too comfortable. Rates are changing all the time --by how much, and whether it will be in your favor, we cannot say. We can make intelligent guesses, but we can't predict with any certainty.

However, that doesn't mean that you are entirely powerless when it comes to taking charge of the mortgage rate you qualify for. You hold a lot of power, including the ability to qualify for a lower rate by improving your credit score, buying points, and exploring the rates of various home loan options.

And here is another idea for getting a low mortgage rate in an uncertain market: get a floating mortgage rate.

Locked and Floating Mortgage Rate Compared

Mortgage Rate Lock

While some potential homeowners were unable to purchase a property this summer due to fierce competition and a short supply, many experts say autumn is actually the best time to shop. With fewer people in the market to buy a home, and those who listed properties before still anxious to sell, this season creates a greater probability for better deals and price.

The biggest thing that can help facilitate real estate sales at this time of year is that most homes still on the market have been there for some time - usually a few months, according to Trulia. Sellers are more likely to bring down their prices and provide a little more wiggle room than they might have during the summer to get a deal done expediently, especially if they're looking to sell

The luxury real estate market is fiercely competitive, leaving sellers feeling pressure to keep their houses updated with the ever-shifting list top specialty spaces that reliably coax high-end buyers to whip out their wallets. This year, if you’d like to sell your home on the luxury market, purchase a luxury home, or just add new “wants” to the long list of features you’d love in your dream home, look no further. Parks Realty’s list of top 10 specialty spaces for luxury buyers highlights both continuing trends and new features that have helped houses get snatched up immediately.

Library

In an increasingly digital age, when homes are smarter with every passing year, creating a large, beautiful home library is a truly opulent choice. Sumptuous

If you’re home shopping, you’ve probably seen or heard the phrase “move-in ready” in the property description. But what does “move-in ready” really mean and how can you tell if a property that “shows well” is truly ready for your family to move in and why does it matter? Typically speaking, real estate agents refer to a home as “move-in” ready if they don’t anticipate any significant repairs.

There are two essential things to keep in mind.

The first is that while the real estate agent may not expect any major repairs, that does not mean that there isn’t any. Always get a home inspection! The other is that there may be upgrades that you want to make before you move in, but that doesn’t mean that the home isn’t “move-in ready.” So even if the

Today’s homebuyers in the luxury market come with certain expectations … and with such huge purchases, we’re glad that’s the case. Styles, technologies and certain setups can make or break a sale, and knowing what the most popular current trends are for luxury home features are helpful to know. Below are some of the current, must-haves on luxury buyers’ lists.

Light Colors (Walls & Floors)

While more of a style than a feature, light and bright is the name of the game when it comes to the feel in a luxury home. Light-colored walls and even more so (because they can’t be easily painted over) are light-colored flooring, especially Oak hardwood floors. Light spaces make for a more open and airy ambiance while allowing pops of color when personalized

If you’re worried that your credit is too low to get approved for a home loan, you’re not alone. Low or bad credit is something that many Americans are facing. But even with poor credit, there is good news! There are government loan programs made for borrowers with lower credit.

Also, consider that poor credit is not a permanent situation. Starting right now, you can increase your chances of getting approved for a loan by raising your credit score.

What Credit Score Do You Need To Get a Home Loan?

Credit score, also called a FICO score, is a three-digit number that rates your creditworthiness. It’s based on your credit history, and it tells lenders the probability of you repaying your debts. The higher the score, the more likely it is that

Though some potential buyers may be a bit frustrated they didn’t find the perfect home this summer thanks to the intense competition they would have faced for just about any property – they shouldn’t be discouraged. As some shoppers leave the market, the odds that those who remain will find a home for a good value, only increase. Working with a real estate professional in September and beyond may help them find the home of their dreams with greater ease.

The least expensive months to buy a home are actually in the fall, according to the National Association of Realtors. In October, buyers typically pay about 2.7 percent below the market value of a property, often because of how many would-be buyers have dropped out of the market by then, resolving