Investing in a second home: Tips and financial advice

Investing in a second home: Tips and financial advice
News from The Quincy Cove:

Investing in a second home can be financially rewarding and can also potentially provide an attractive vacation destination. However, there are many financial and non-financial considerations involved in making the decision to acquire a second home.

The first decision involves whether or not the second home will be used as a vacation home. If the home is being purchased solely as an investment, then selecting the location is not dependent on how much time you would want to spend there. If you are intending to act as your own property manager, purchasing a second home close to where you live makes overseeing the property much easier. Furthermore, renting out the home is easier because you do not need it to be available for your own use during a portion of the year. In addition, purchasing the second home close to you allows you to use your knowledge of your area to pick an attractive location from an appreciation standpoint.

Investing in a second home: Tips and financial advice

If the primary motivation for acquiring the second home is for use as a vacation home, the purchasing decision is mor…………… continues on The Quincy Cove

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