How a second property actually works
What it costs to buy one, what you owe while you hold it, what changes when you rent it out, and what the tax bill looks like when you sell. Written from the official sources, with every figure dated and linked.
12 guidesCanada, United States, United KingdomPaired with free calculators
Canada
- CanadaBuying a cottage in CanadaDown payment rules, CMHC, the stress test, land transfer tax and closing costs.
- CanadaSelling a cottage: capital gainsThe 50% inclusion rate, the principal residence designation, and family transfers.
- CanadaRenting out your cottageRental income, the personal-use split, capital cost allowance and short-term rental rules.
United States
- United StatesBuying a vacation homeDown payment, rates, reserves and closing costs for a second home in 2026.
- United StatesVacation home tax rulesThe 14-day rule, mortgage interest after OBBBA, and the SALT cap.
- United StatesSelling a second homeCapital gains, Section 121, nonqualified use and depreciation recapture.
United Kingdom
- United KingdomBuying a second home in the UKStamp duty surcharges across the three nations, deposits and mortgages.
- United KingdomSecond home council tax premiumsPremiums by nation, the holiday let day-count tests, and the 2028 surcharge.
- United KingdomSelling a second home: CGTRates, Private Residence Relief, nominating a main home, and the 60-day deadline.
- United KingdomHoliday let tax changesLife after the FHL regime, Section 24, and the 2027 property income rates.
Wherever the property is
- Any countrySharing a family cottageSplitting costs fairly, usage calendars, and what a co-ownership agreement covers.
- Any countryWhat to keep, and for how longImprovements versus repairs, cost base, and record retention in Canada, the US and the UK.
Run your own numbers
- Family property cost splitFamily property cost splitShare a cottage or family home fairly by ownership, weeks of use, or both, and settle who owes whom.
- Running costsCottage running costsWhat a cottage costs every year: tax, insurance, heat, road, dock and upkeep.
- Purchase taxLand transfer tax on a second propertyProvincial and municipal land transfer tax on your purchase, band by band.
Keep the numbers with the property
OwnersLog holds costs, receipts, owners, repairs, contacts and photos for a second property in one private record, so the figures are there when you need them.