The Mesquite Nevada Real Estate Blog

Does buying a Garage Condominium Qualify as a Second Home to IRS -

NO, Really, it's Garage Town USA - What a great idea!  Looking for a second home?  How about a second garage? People ( by people I mean men - I had to say that! )  become really attached to their garage.  How many times have you found the 'perfect home', but the husband did not like the garage?

You could buy your own garage condominium for all of that extra stuff instead of renting a regular old storage unit by the month.  Build equity in a garage condo instead of just throwing away rent on that storage unit!

This would be a wonderful opportunity here in Mesquite NV.  Residential lots are small and pricey.  We have a lot of 3 car garages, but only a few are big enough to put an RV in.  CC&Rs are strict and most do not allow RV PARKING or boats in driveways or on the street.  (What a bunch of fuddie-duddies!)Garage Condo RV Parking Mesquite NV Real Estate

The first garage condo community started out in Coeur d’ Alene, Idaho as an expanded storage facility for a new residential community with strict CC&Rs that did not allow oversized garages or street parking for recreational vehicles or boats.  This idea turned into Garage Town USA with 19 partnerships and franchises in 6 states.  (Why can’t I have good ideas like this?)

What a great little second home - add a few little homey touches and use it as a vacation getaway!

It would be perfect for car buffs as well.  You wouldn't want that restored '65 Mustang crammed in there next to the Minivan, would you?  How about Dad's baby - the speedboat with the $3000 paint job?  He really gets POed when the kids throw the soccer equipment and muddy shoes in the boat, so that Mom doesn't know they didn't put them away in those crowded storage cupboards!

The one in Coeur d’ Alene has a clubhouse and restrooms - owners pay a condominium fee for maintenance.  The clubhouse can be used for parties, poker tournaments, weekend football games - why mess up your own house with all those beer cans and pizza boxes?  You could give the church a little competition and have Bingo!

Some garage condo units in other areas have up to 2000 sq ft, with custom floors and sofa beds.  The price can be as high as $200K.  Owners get a deed for their own unit and pay their own taxes and utility bills.  This would be my husband’s dream home, a garage and a bathroom - let’s not tell him about this!

And if it qualifies as a second home, can you write off the mortgage interest?  According to IRS, a qualified home must have sleeping, cooking and toilet facilities.  So if a mobile home, house trailer or a boat qualifies, why not a garage condominium?  As long as there is a bathroom, sleeper sofa, and a mini-kitchen, would that be enough to qualify as a second home?  ( Ask your tax advisor before you consider the purchase of a garage condo, I am just guessing here! )

For more details and history of Garage Town USA read Tom Kelly's article at Inman News

Garage Town USA - Is it coming to a town near YOU ? 

 

                  

Virginia Hepp
ERA Brokers Consolidated
Mesquite NV Real Estate
Mesquite Chamber of Commerce Member
702 622-1177
~ ~ ~

 

                                 Mesquite Nevada Real Estate Agent  ~ ~  ERA

Virginia Hepp
 
Virginia Hepp ~ Mesquite Realtor
Pet Friendly Mesquite NV
Homes - Townhomes - Condos for Sale
 
50 - 55 + Active Adult Communities
Mesquite Gated Golf Course Neighborhoods
702 622-1177
 
 
 
 
 
 
 
 

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Does buying a Garage Condominium Qualify as a Second Home to IRS -
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