Do I need to consult a CPA or tax advisor on the purchase of a second home?

Do I need to consult a CPA or tax advisor on the purchase of a second home?

John Caliendo (Realtor) gives expert video advice on: What are the common reasons for buying a second home?; If I am buying a second home as a rental, what factors should I consider?; If I am buying a second home as a weekend getaway, what should I consider? and more...

I would strongly recommend that you talk to a CPA or tax advisor when purchasing a second home because there's a host of reasons. For example, you're not getting the same loan that you would get on a primary. In other words you might be paying a slightly higher interest rate. Secondly, your write-offs on that secondary home may not be as significant as your primary. Those are two excellent reasons to know what you're getting yourself into. In other words you don't want any surprises after the fact and then have to sell off that second home because it didn't turn out to be what you thought it was going to be.