Purchasing a second home is wonderfully satisfying on the Vineyard. The first step in acquiring a second home is to seek advice from your tax accountant.
There are many reasons to purchase a second home, including, but not limited to investment, potential retirement, combination of leasing and personal use, or total family enjoyment.
Financing is available for the purchase of second homes but the loan to value ratio is lower and the down payment is larger. If the property is a rental, maintenance fees and rental income will factor in the loan qualification.