Seven Steps to Buying Your Second Home

Nolo, June, 2007 by Craig Venezia

Thinking about buying a second home? Whether you're looking for an investment property, a getaway, or a place to eventually retire, plan to take these seven important steps.

One: Decide Whether a Second Home Makes Financial Sense

Whether or not you consider yourself an investor, you no doubt want your second-house purchase to be a sound financial move. Yet many second-home owners complain that the house cost more than they'd ever imagined. You'll want to tally up your likely expenses, factoring in any extra costs based on the fact that you won't be there every day (such as hiring a management company and the high cost of hazard insurance). Then you'll need to build up your cash reserve, and, if you plan on renting out the property, determine how much you can...

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