Park models are growing in popularity because of their ability to offer luxury-style living at an affordable price. If you are considering investing in a park model but you still aren't completely sold, here are some of the benefits of this type of space to consider.
Park Homes Can Provide An Income Stream
If you are considering your park model for use as a vacation home, you won't likely be using it all year round. You can rent it out when you aren't using it to create a revenue stream that helps you pay off the mobile home and put money back in your pocket. There are several websites available that match homeowners to people looking for vacation property, making it easier to rent out your space.
Park Homes Make Excellent Tiny Houses
The tiny house movement is one of the latest lifestyle trends. This movement encourages people to get rid of homes with a lot of extra square footage and move into a smaller, simpler home for a more quaint and picturesque way of life. Park models make excellent tiny houses while delivering all the comforts of home. Many park models include the following amenities, all tucked into a tiny package:
Park Models Can Offer Tax Benefits
If your park model isn't your primary residence, you can claim a tax deduction for declaring it a second home. Your park model must have areas for sleeping and eating as well as a restroom to qualify for this tax break. If you rent out your home when you aren't there, you will need to follow a few rules about how long you must occupy the home each year to qualify. You can lower your tax liability by claiming the interest paid on the park model mortgage, and you may even be able to deduct the cost of your personal property taxes for the park model on your income tax return as well. Talk to your accountant about the different options for setting up the purchase and financing of the park model to ensure the best possible tax benefits.
Park models offer a host of benefits. On top of being adorable tiny homes, they can provide you with a cozy place to vacation and a steady income stream the rest of the year. If you are considering investing in properly, consider a park model vacation home for all of its comforts and financial benefits.
For more information, contact Resort Homes or a similar company.
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