goneboarding
Dryer sheet aficionado
- Joined
- Sep 23, 2012
- Messages
- 25
Not sure if this is the right forum... mods please relocate, if necessary.
DW and I are retired. Recently did the millennial thing in reverse... sold our primary residence and moved in with our daughter and her family. We are considering purchasing a property on the Gulf Coast. At some point further in the future, it will become our full time residence. But for now, we plan to use it for family visits to the beach, and VRBO/AirBnb it part of the time to cover costs.
Will this property qualify as our "primary" residence in the near term, given the plan to rent it out some of the time?
What tax and other implications need to be considered before we take the plunge?
Also, with property values being so hot at a moment, is it wise to wait, or just bite the bullet and get a property now?
Cheers!
DW and I are retired. Recently did the millennial thing in reverse... sold our primary residence and moved in with our daughter and her family. We are considering purchasing a property on the Gulf Coast. At some point further in the future, it will become our full time residence. But for now, we plan to use it for family visits to the beach, and VRBO/AirBnb it part of the time to cover costs.
Will this property qualify as our "primary" residence in the near term, given the plan to rent it out some of the time?
What tax and other implications need to be considered before we take the plunge?
Also, with property values being so hot at a moment, is it wise to wait, or just bite the bullet and get a property now?
Cheers!