Are you considering buying a second home? Whether you’re looking for an investment property, a getaway, or a place to eventually retire, there are some things you might want to think about.

Decide Whether a Second Home Makes Sense

There’s no reason to think your second home won’t appreciate over time, especially if you buy in a resort area likely to retain its popularity. Even modest appreciation over many years of ownership might be acceptable, especially because the other benefits of second-home ownership are so appealing. However, if you need more bang for your buck, you can generate investment income by renting the house when you’re not using it. And, whether your second home is an investment property or strictly for personal use, it’ll give you some tax write-offs. Make sure you choose a real estate agent who has a good understanding of the local market to help you make the best choice possible. Some homes and locations are more appealing to those renting a vacation property than others, which may be important if you plan to offset your cost of owning a second h0me by renting it when you’re not there.

Decide Where, and What Type of Home You’ll Buy

You’ll need to rely on both market research and your own personal preferences when searching for the perfect second home. Is there a special place you like to return to again and again? Is the area you’re considering buying a home in driving distance from your primary home or will you need to fly to reach your new second home? The type of home you buy is important too. The costs and demands of owning a single-family home are different from those of owning a condominium, townhouse or fractional ownership property. Choosing the type of home that suits your needs best will depend on factors such as cost, location, and upkeep. For example, condos, townhouses and fractional ownership properties typically require less maintenance, since the areas of the property outside your unit are governed and maintained by a community association (of which you’ll be a member). You may enjoy having the exterior maintenance and landscaping taken care for you so when you visit you can relax and enjoy your second home. A seasoned real estate agent can help you weigh your options.

Take the Plunge

Once you’ve weighed the pros and cons of second home ownership and decided it’s the right thing for you and your family, make sure to choose a real estate agent that can help you find exactly what you want. You should choose a broker that you feel comfortable with, who knows the area well and can help you find the perfect second home. Most agents will be happy to supply you with references of past clients.

Happy house hunting!