Vacation Getaways
First Things First Before Buying a Second Home

Increasingly, consumers are purchasing second residences in vacation spots for personal enjoyment, for investment, and as future retirement homes. As with any major purchase, second homes present buyers with both pros and cons. Such homes can be expensive, and buyers should be certain they will take full advantage of them, rather than purchasing one and never using it. Buyers must also consider the level of maintenance and upkeep required for second homes.

On a positive note, houses in vacation spots tend to increase in value, particularly those in popular areas. Although second-home values tend to fall rapidly during economic downturns, those values also rebound quickly whenever the economy picks up. Moreover, second-home owners are more likely to get away to their second homes than they would if they were simply renting periodically.

Finally, second-home owners in high-rent areas can pay parts of the mortgage with income from rent, sometimes as much as $1,500 a week.

"Things to Consider About a Second Home," Washington Times (05/04/01) P. F7; Reeves, Pamela

Abstracts Copyright 2001; Information Inc., Bethesda, Md.

© 2002 Don Marland