What is the difference between a Primary Residence and Rental in Idaho?
In Idaho, a primary residence is a property that is owned and occupied by the homeowner as their primary dwelling place. A rental property is a property that is owned by an individual or entity and is leased or rented out to another individual or entity for residential purposes.
There are a number of differences between primary residences and rental properties in Idaho, including the following:
- Taxation: Primary residences are generally taxed at a lower rate than rental properties.
- Financing: It may be easier to obtain financing for a primary residence than for a rental property, as lenders often view primary residences as less risky investments.
- Maintenance: The owner of a primary residence is responsible for maintaining the property and making any necessary repairs. The owner of a rental property is typically responsible for maintaining the property and making repairs, but the tenant may be responsible for certain types of maintenance and repairs.
- Insurance: Homeowners insurance is typically required for a primary residence, but it may not be required for a rental property. However, landlords of rental properties may be required to carry rental property insurance.
- Use: A primary residence is intended for the personal use of the homeowner, while a rental property is intended for the use of the tenant.
To learn more about this topic and how it can affect you, you should contact a real estate attorney that can give you answers specific to your particular needs.