The second-home market tends to have more ebbs and flows than the primary home market. That said, there is a growing trend toward the purchase of vacation homes. They are being bought for investment purposes and enjoyment, as well as retirement. In the latter instance, some people are buying with the idea of turning a vacation home into a permanent retirement haven down the road, a move that puts them ahead of the game now.
Before taking the leap, ask yourself if you can afford to carry two mortgages, maintain two households and pay the extra utilities and maintenance costs. Also, learn about financing requirements and options, which can differ slightly from those on a primary residence.
