The Pandemic changed a lot of the ways that we operate our lives day-to-day. For many people that means working from home full-time. This can give you the opportunity to travel and you might have spent some extra time at the cabin this summer. Maybe it has even got you thinking that you’d like to move to your cabin full-time. Here are some things to consider if you want to make your vacation home your permanent home. 

Sort Out Your Mortgage

Typically, the mortgages are categorized as either a primary residence, secondary residence, or investment property. Be sure to contact your bank or your mortgage broker to figure out what you need to do to switch your vacation home to your primary residence. 

Change Over Your Insurance

The cost to insure vacation homes is often more pricey than a primary residence. Once you have your mortgage sorted out, be sure to call your insurance company to make the cabin your primary residence and save you money. 

Schedule an Appointment with your Tax Professional

Taxes are tricky enough without having to deal with two mortgages. There are several benefits to changing your vacation property to your primary residence. One is that if you do decide to sell it in the future, you could avoid having to pay a capital gains tax unless you’ve listed your vacation home as an investment property and have rented it out. Your tax professional will be able to answer any questions you might have and guide you on the best path for you.

Consider Your Lifestyle

Cabin living doesn’t always offer as many amenities as our urban or suburban homes. Figure out what appliances, electronics, and creature comforts you can’t live without, and be sure that you can translate that into the cabin. You don’t want to regret your choice to move to the cabin full-time. 

The team at Bill Hansen Realty is always here to help you every step of the way. We can help you find a vacation home to live in full-time or get you connected with the right people to help you transition to Up North living! Get in touch today!