Updated about 4 years ago on . Most recent reply
Primary or Investment property
Hi,
We live in WA and we paid off our home last year. Currently we would like to buy new property, but the prices are so high in WA that we decided to look in FL. We were told if we make a new purchase it has to be claimed as an investment property unless we live at property. Is it possible to purchase as permanent without physically living at property?
Most Popular Reply
@Anna Bee it's as @Brad Hammond stated, if you purchase it as a second home it removes the investment piece of the lending if that is the goal. However, the real question is what is the reasoning for purchasing another property? If the goal is to use it as a rental, it should be disclosed as such. If it's only for your personal use and possibly a home you'll move into long-term, you could transfer it to your personal residence once you move in and convert your current home into the rental. Just depends what you are trying to accomplish.