Category Archives: Lake Toxaway Calendar

When Lake Toxaway Homeowners Consider Buying a Second Home

12-31-2ndhomePeople approach the whole idea of owning a second home from a hundred different perspectives simply because a second home can answer so many different purposes. If you are a Lake Toxaway homeowner at the stage in life where making retirement plans is becoming a more immediate imperative, you might want to buy a second home as a vacation destination—but one which is also a tryout for your family’s future center of operations. Those who have spent a good part of their lives in cities sometimes seek a second home in the mountains or at the shore as a restorative refuge. People living in less crowded environs might crave a pied-à-terre for proximity to a city’s cultural riches. There really can be a hundred different reasons (and that’s not even counting all the financial ones)!

Once you begin to seriously entertain the notion, it becomes evident that deciding on which of many possible directions to pursue will involve weighing the tradeoffs each presents. In addition to an opening a conversation with the Lake Toxaway real estate professional whose advice you’ve come to trust the most, some of the main points you will want to consider—

  • If the second home is going to serve even temporarily as a weekend getaway spot, then buying within reasonable driving distance may be more important than you might assume. Keep in mind that the drive (or flight) will grow steadily less interesting as time passes.
  • In most instances, a second home will be occupied by members of your family only on a part-time basis. This brings up a number of issues—among them, insurance. Vacant properties present a different profile to insurers than do homes that are occupied most of the time. Hazard insurance tariffs could also differ from what you are used to (especially in flood-prone areas). Investigating insurance coverage and costs early on in your search will help you to avoid surprises.
  • You should consult your tax expert for details, but as a general rule, if the home is not rented out as a business proposition, you’ll likely find that you are able to deduct mortgage interest and property taxes on your Federal tax return. Then again, if you are thinking of renting the house out for more than 14 days per year, rental income is taxable. In that case, though, you’ll be able to use deductions for expenses, such as insurance, maintenance, professional fees, and sometimes even depreciation. Each situation will be different—again, your tax professional will have the relevant answers.
  • Financing a second home is similar to financing your main residence. You are likely to need a down payment of 10% to as much as 30% in some cases. If you will be drawing on the equity in your current home, it’s only prudent to be able to retain a reasonable amount of reserves for unforeseen emergencies.

Many people buy a second home in anticipation of retirement. If that is the case, think of factoring in the availability of quality medical and support services in your search areas. A remote cabin in the woods may seem appealing now, but as a retirement venue, maybe not so much! Thinking about the long range is never more important than when you are entertaining the purchase of a second home. I’m here to help clarify those issues, as with all your other Lake Toxaway real estate need.

Fun Things to do in Highlands NC Area This Month

When people think of the North Carolina mountains, perhaps one of the most vivid images that come to mind is the brilliant fall foliage and the beautiful blooms in springtime.

What many people might not be aware of, however, is all of the incredible events that go on all summer long in the Highlands, NC area.

From festivals to 5Ks, there’s always something fun and exciting going on.

Relocating to the Highlands, Lake Toxaway, and Cashiers Area

Here’s a sampling of some of the amazing activities that you and your family could be enjoying this month if you were living in the Highlands, NC area.

Group Hiking: The Nantahala Hiking Club regularly hosts group hikes.  Contact this Franklin-Highlands area club to find out when the next hiking excursion will be.

  • When: Various days throughout summer
  • Where: Throughout the Highlands, NC area
  • Admission: FREE
  • More Info: Call 369-6820 or visit www.nantahalahikingclub.org.

State Parks Visit: Some state parks, including the Gorges State Park, is free to the public.  This Transylvania County Park features trails, waterfalls, picnic areas and campsites.  It’s quite popular among the locals in the Highlands, NC area.

  • When: Anytime during park hours
  • Where: Transylvania County
  • Admission: FREE
  • More Info: Call 966-9099.

Highlands Area Triathlon: During this triathlon – which features individual and relay team options – you’ll participate in a 250-yard swim, 9 mile cycle and 5K run.  Those interested can register at www.setupevents.com.

  • When: 8 a.m. on June 25
  • Where: Valdese Aquatic Center
  • Admission: Prices vary
  • More Info: Visit www.setupevents.com

Brevard Rotary Firecracker 5K/10K: The 16th annual 5K and 10K races will take place in downtown Brevard and is a great way to get to know your neighbors!

  • When: 8 a.m. on July 4
  • Where: Downtown Brevard, 299 S. Broad St.
  • Admission: Entry fee is $25 for the 5K and $30 for the 10K ($5 more after June 26), $20 for students 18 and younger and seniors age 65 and older.
  • More Info: Visit www.BrevardRotary.org.

Investing in Highlands, NC Area Real Estate

As you can see, there’s always something fun, new and exciting going on in the Highlands, NC area.

If you’ve been thinking about making the Highlands, NC area your permanent home, then contact me, Dorothy Swearingen, your Highlands, NC real estate expert.

I’ll answer any questions you might have about living here, let you know about available listings in the area, as well as provide you with a number of invaluable Highlands area home buyer resources.

These helpful tools include:

Until next time,

Dorothy