Finger Lakes Vacation Investment Property
The American Dream has expanded to include being able to buy a second home, a vacation home. Waterfront properties on the Upstate New York Finger Lakes (Canandaigua, Keuka, Seneca, Cayuga and Skaneateles lakes) see a higher-than-average appreciation far beyond other investment properties in Western New York. Many of these waterfront cottages and lake view properties are enjoyed by owners whom retain several weeks each summer to enjoy time with family and friends, and rent out the property for the rest of the peak summer season banking time with vacationers footing the bill to pay for their mortgage and property taxes.
Keuka lake properties this past summer (2018) appreciated in value tremendously. Many properties on this lake sold for more than $100,000 over the comparative market value due to high demand and low inventory. Keuka lake waterfront property owners may want to get ready to cash-in and find a new lake property on Seneca where one can get more for less or just simply cash in and retire in Florida.
If you are thinking of selling a vacation home, you may want to consider moving in and making this property your primary residence for a at least a year or two to dodge the capital gains tax. The length of time you have held your vacation property will dictate your capital gains tax rate. If you have held the property for less than a year you will be subject to the short-term capital gains rate and if you own the property more than one year, your federal tax will be calculated at the long-term capital gains rate.
You can let your money sit in the bank or you can enjoy it and provide your family and friends the some of the best memories of their life time by investing in a waterfront property in the New York Finger Lakes.