Brook Walsh Real Estate Blog - Tipbook

Can You Afford A Vacation Home?

Once you have a clear understanding of why to buy a vacation home, the next step is understanding the cost—whether you can afford it.

Budgeting for a vacation home is different than your primary residence, in part because mortgage lenders and the IRS will treat your purchase differently based on whether they categorize it as a second home or an investment property.

Mortgage lenders and the IRS look at different factors to categorize your home (and may define them differently), but generally speaking, an investment property is rented out to generate additional income while a second home is for your own personal use. Taking out a mortgage may be easier for a second home than an investment property, but there are trade-offs when it comes to how you…

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Things To Know About 1031 Exchanges For Vacation Homes

Before you sell, consider swapping your aging income property for a vacation home in a like-kind real estate exchange.

Put simply, a 1031 exchange is IRS-speak for swapping one income property for another. It’s a unique tax benefit—with some specific requirements—that’s becoming more common in real estate deals as property owners increasingly look to trade up for vacation homes.

In 1031 exchanges (or "swaps"), you’re changing your investment in the eyes of the IRS, transferring the gain from one property to another while allowing your investment to grow tax-deferred. If you qualify for a 1031 exchange, you’ll defer paying taxes on the sale until you sell many years later. And since there are currently no limits to how many times you can 1031…

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The Perks of Being Pet-Friendly

The Perks of Being Pet-Friendly: Irresistible Revenue Boosters

Opening your vacation rental to four-legged guests isn’t just heartwarming—it’s a savvy business move. By marketing your property as pet-friendly, you tap into an underserved market segment willing to pay premium rates. Let’s explore the top ways pet-friendly policies translate directly into higher rental revenue.

Increased Booking Volume

Accessing a Larger Audience

Families and couples traveling with pets often struggle to find suitable accommodations. By advertising “pet-friendly” prominently, you immediately capture this niche. Recent industry data shows pet-friendly properties receive up to 30% more booking inquiries than their non-pet counterparts.

Reduced Vacancy Days

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Top of the Mitten Skiing – Best Ski Resorts in Northern MI

Michigan is loaded with terrific ski and riding areas. No matter where you go in the state, from the southeast corner by Detroit to the northwest corner in the Upper Peninsula, you’ll find outstanding slopes. But the skiing and riding that made Michigan famous for downhill thrills and fun are all located at the top of the mitten in the Petoskey Area. The three Petoskey Area resorts — Boyne Highlands, Boyne Mountain, and Nub’s Nob — have a total of nearly 170 downhill runs.

No matter what your ability, there are more than enough to keep you coming back for more. When you step off the slopes, the four communities of Petoskey, Harbor Springs, Bay Harbor, and Boyne City beckon with shops, restaurants, music, and warm northern Michigan hospitality. Since all…

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4 Benefits of Joining a HOA (Homeowners’ Association)

Joining a homeowners’ association can be an added perk of living in certain communities. In essence, a homeowners’ association allows a community to agree to share the costs of the extra benefits of living in said community.

HOAs are common in gated neighborhoods with special accommodations like a pool, tennis courts, regular lawn service, and more. They can also afford greater security and fund neighborhood maintenance problems that may arise.

With shared community amenities, a local body to keep the neighborhood uniform and safe, and a community fund to help with issues around the neighborhood, HOAs provide a kind of safety umbrella for neighborhood members.

HOAs can make a neighborhood more pleasant and livable by allowing for shared…

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5 Green Energy Home Trends for 2019

Utilizing renewable energy is a great way to both lower your bills and reduce stress on the environment. Through some high and no-so-high-tech methods, there are more and more ways to efficiently save and even create energy.

Residential Solar Panels

As the efficiency of solar power technology increases and costs of installation decrease, more homeowners are adding electricity-producing panels to their roofs. Doing so often allows users to sell their surplus power back to their utility company and recoup their panel investment even faster.

With government entities sweetening the deal with tax credits and subsidized rebates, many homeowners are saying ‘yes’ to producing their power.

Smart Energy

Thanks to technologies like…

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Staging Tips to Get Your Northern Michigan On The Market

Selling your home requires more than simply sticking a "For Sale" on the front curb and hoping for the best. With a little bit of work and some affordable enhancements, you could be saving yourself loads of time and money in the long run. The last thing any seller wants is for their home to linger in the market for too long and become stale, so here are a few easy ways to get your home in great shape and ready to please prospective buyers.

DON'T UNDERESTIMATE THE POWER OF CURB APPEAL
Before a buyer sets foot in your door, they have to pass through the front yard first. As with many things in life, making a good first impression is the first barrier to successfully showing your home. That initial impression will be hard to change unless…

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Ironton Ferry – Scenic Rides Across Lake Michigan

Experience the Timeless Ironton Ferry

Ironton Ferry is a four-car cable ferry that crosses a narrow point on the South Arm of Lake Charlevoix in the U.S. state of Michigan in the unincorporated community of Ironton.  The Ferry connects Ironton, located about 5 miles from Charlevoix, Michigan, to Boyne City, Michigan.  The ferry crosses the lake about 100 times a day.  The current vessel went into service in 1925.  The ferry is 50 feet long, 30 feet wide, and weighs 43 tons. 

It's powered by a diesel engine with a hydraulic drive system that features propellers at both ends. Two different cables are guiding the ferry since it doesn't have any rudders.  The slack in the cables drops 25 feet below the surface to allow boats to pass. The ferry has the…

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Keys to Buying A Vacation Home

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Choose Your Boyne Mountain Summer Adventure

Introduction to Boyne Mountain Summer Adventure

Discover the ultimate summer experiences at Boyne Mountain with this epic guide to 10 thrilling activities!

Boyne Mountain transforms into a lush playground once the snow melts, offering families, outdoor enthusiasts, and thrill-seekers a wealth of summer activities. From adrenaline-pumping rides to serene lakeside relaxation, your Boyne Mountain Summer Adventure promises memories that’ll last a lifetime. Whether you’re planning your first visit or returning for another epic getaway, this guide covers everything you need to know to make the most of your mountain escape.

Hitting the Trails: Hiking and Biking Adventures

Top Hiking Trails for All Skill Levels

Waterfall Loop

A…

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