Second Homes: Some Quick Insights

• Togetherness: Families owning vacation homes take more family vacations.
• Lock up: Second home locations tend to see less violent crime but more property crime than normal.
• Lenders will want a down payment of at least 20 percent and your loan will have a higher interest rate than a mortgage on a primary home.
• Look ahead: Your family vacation home might turn into your retirement home.
• Renting second homes in resort areas during high season can be a good source for cash to pay down the home’s mortgage.
• Recreation value: Spots with lakes, rivers, ocean coasts, forests, and rolling to rugged terrain.
• Appreciation value: Recreation value above, plus a good economy and distance to large cities.