Feeling the need to get away from your home for a while? Perhaps the winters are too harsh or you have a child in college a few states away. Maybe you just want to get a head start on retirement plans. If either of these scenarios sound like your situation, it may be a great time to consider buying and owning a second home. This is a great time to buy, as mortgage interest rates are currently very low. There are also many other advantages to keeping your home and purchasing a second one.
If you choose a popular destination, vacation homes usually do a great job of retaining their value. You also get all of the tax benefits of home ownership and have the possibility of accruing rental income if you choose to rent out your home when you are not using it, making a vacation home very convenient.
If there is a vacation spot you are sure to come back to time and time again, like a beach or ski resort why not have a spot to call your own? Your second home can also be great for family gatherings and reunions. You may want to consider fractional ownership where you go in on a vacation home with a few other couples and share it throughout the year. Your local realtor can help you begin the search for a fun and exciting second home.