Buying A Second — Primary Residence

If you rent it <14 days/year, income is tax-free.

Hire a local property manager or landscaping service. buying a second primary residence

They know specific market risks (e.g., flood zones). Managing Two Homes Security: Install smart cameras and remote-access locks. If you rent it Hire a local property

Prove you can cover both mortgages for 6 months. Mortgage Classifications buying a second primary residence

Only your main home qualifies for the $250k/$500k exclusion. Strategic Steps to Purchase

Buying a second primary residence—often called a "secondary" or "vacation" home—is a major financial move. While you can only have one legal primary residence for tax purposes, you can own a second home that functions as a personal residence rather than an investment property. Financial Prerequisites Lenders typically require 680–720+. Low DTI: Debt-to-income ratio should stay below 43%. Substantial Down Payment: Expect to pay 10%–20% upfront.