Tax benefits should be considered if you are thinking about buying a second home at Deep Creek Lake. I put together a list of a few tax breaks, but you should always consult a tax professional for verification of specific terms and tax benefits since every situation is unique.
1.) Mortgage Interest is deductible up to $750,000 in combined total mortgages.
2.) Home Improvements – you can deduct interest on a home equity or line of credit (there will be limits).
3.) You can deduct your second home property taxes up to $10,000/year for all state and local taxes.
4.) If you rent for 14 days or less over the course of the year, that rental income is tax free with no limit on what you can charge.
Winter 2021 has been absolutely incredible at Deep Creek Lake! Conditions for winter sports have been amazing. Lots of snowfall and cold temps have made our area an absolute winter wonderland.
Winter 2021 Weather
Nearly every week throughout January and February, we saw snowfall. There were storms right before MLK and President’s Day weekends that brought fresh powder for skiers. It was not unusual to have 8-10 inches dropped on the area several weeks in a row. Wisp Resort is reporting 109 inches for the season so far. Temperatures are warming up a bit as we head into March, but Garrett County winters shouldn’t be underestimated.
Right now, it is a seller’s market at Deep Creek Lake. What exactly does that mean? Here’s how Rocket Mortgage defines it: “A seller’s market arises when demand exceeds supply. In other words, there are many interested buyers, but the real estate inventory is low. Since there are fewer homes available, sellers are at an advantage. In a seller’s market, homes sell faster, and buyers must compete with each other in order to score a property.”
The pandemic created a surge in interest in the lake and mountain lifestyle. Our area is rural in nature with a lower population density. This makes social distancing easier. Also, more and more people are able to work remotely. Even after the pandemic subsides, remote will likely remain as a preferred work style.
This high demand is being met with historically low inventory. Right now, available lake area homes are very limited. Offers are being made sight unseen, and we are also seeing multiple offer situations.
Get Pre-approved Give the seller confidence that you are a qualified and motivated buyer. Getting pre-approved verifies your ability to afford a home loan for a specific amount. It shows financial security and gives the seller peace of mind that the sale will go smoothly.
Hire an Experienced Real Estate Agent As your agent, I can give you a serious advantage when buying a home in a competitive market. With more than twenty years of experience, I have a proven track record in Deep Creek Lake real estate. I hear about listings as soon as they hit the market. In a seller’s market, things happen fast. I will keep you informed at all times.
Act Fast In a seller’s market, a new listing can be snatched up within hours. That means you can’t always wait for a weekend showing. Whenever possible, make yourself available for showings. As your agent, I can also show you a listing via Facetime.
Timberline Mountain is just a little over an hour from Deep Creek Lake. It recently reopened for the 20/21 ski season under new ownership. The resort was purchased in 2019 by Perfect North Slopes, Inc. of Indiana.
About Timberline Mountain
Previously known as Timberline Four Season Resort, Timberline Mountain is located at 254 Four Seasons Drive in Davis, West Virginia. It is located along the higher range of the Alleghany Mountainsa. The 4268-foot summit offers amazing views.
The resort is well known for wide slopes and varied terrain. It is also home to the southeast’s longest ski slope, Salamander. This is an easy two-mile beginner trail that winds down the mountain. There are plenty of intermediate trails as well. For the more advanced skier, there is dedicated tree skiing.
A lot of exciting things have been happening at Timberline. Perfect North Slopes made $10-million of capital improvements. Most notable, are two new Doppelmayr chair lifts. One of which is a six person lift – the first in West Virginia – that can make it to the top of the mountain in just over four minutes. Additionally, they installed a new surface lift on a new beginners’ slope.
565 Glendale Road #104B is my newest listing at Deep Creek Lake! Located in the Suites at Silver Tree, it is a lakefront condo that is close to favorite restaurants and attractions.
About 565 Glendale Road #104B
Currently listed at $164,000, this is an affordable option for lakefront living at Deep Creek. Plus, it is loaded with amenities!
This unit at the Suites at Silver Tree is on the ground level. It has one bedroom and one bath. The kitchenette has a full-sized refrigerator, a microwave, and a small dishwasher. A gas fireplace provides a warm ambiance in the living are that has windows with lake view.
187 Sunset Ridge Drive offers an affordable opportunity to live minutes from Deep Creek Lake. It is ideal as a primary residence or second home. Plus, it has a separate apartment that opens up more possibilities.
About 187 Sunset Ridge Drive
This ranch style home is situated on 1.03 acres in McHenry. It is in the picturesque Sunset Ridge subdivision surrounded by pastoral views.
Recently remodeled, this home has a total of three bedrooms and three baths as well as two electric fireplaces. The main house has beautiful hardwood floors and beamed ceilings in the living and dining area. Granite counters, stainless steel appliances, a center island, and a farm sink highlight the kitchen. The master bath is breathtaking.
Attention to detail is found throughout the attached apartment. It has its own kitchen with beautiful finishes, a living area with an electric fireplace, and a bedroom and bathroom.
874 White Oak Drive is a new listing with a location that can’t be beat! The spectacular lake front is ideal for enjoying on-the-water fun with family and friends.
About 874 White Oak Drive
Located on a quiet, dead-end street, you will appreciate the ideal location from the moment you pull into the paved driveway.
This immaculately-kept home has four bedrooms and two and a half baths. The main level has an open floor plan that is highlighted by stunning lake views that can be enjoyed from the kitchen and living room. There is a separate family room with hardwood floors and a stone fireplace. A huge pantry with lots of storage is an added bonus!
88 Silver Tree Lane was just listed at Deep Creek Lake! I am excited to share the details of this stunning lakefront home that is ideally located.
About 88 Silver Tree Lane
This spacious home is a showstopper inside and out! It had eight bedrooms and five and a half baths. There are three levels of living space giving everyone room to spread out.
The main level has an open floor plan that is ideal for spending quality time with family and friends. There are hardwood floors throughout the gathering areas. A massive wall of windows and a floor-to-ceiling stone fireplace highlight the great room.