Jun. 17, 2010

Second Homes: What to Avoid

It is now very common to be an owner of a so called second home used mainly for vacationing. I am quite sure that, if it is not you, you know of someone who owns a home used just for holidays, weekends and relaxation. However, after purchasing the property, many people suddenly find it is useless (or not used as much as they expected) and realize it may cost them more than they predicted and so on. People may just not be happy about the buy after some time. This article aims to give you a couple of tips on what to do in order to really enjoy the second home.

Most importantly, you should realistically consider whether the house is really needed. If you think so, try to figure out why and for approximately how long. It is nice to think that you will spend a lot of time there until the end of your life, but usually it is not like that at all. As people are getting older, their preferences and needs are changing quite drastically. Even though it may seem to be just okay to look after a home when you are about 30, it will be completely different by the time you turn 60. Consider everything carefully. If the house is not going to be used for a longer time (you may just want it for a summer), it perhaps is better to just rent one. You do not necessarily have to buy it.

As always, finances are a big issue here. It is just a second home, that is true. But you should not forget that you have the very same responsibilities as for your original home. Payments, loans and problems are the same. However, as second homes are often located nearby the beach (and water) or mountains, they may be more endangered. Insurance can be very expensive and it is an almost essential part of a vacation home. Briefly put, responsibly consider whether you can actually afford a second home. If you know you do not have enough money yourself, it probably wouldn't be wise to borrow from your family or acquaintances. Seriously, owing money to someone is not pleasant, especially as second homes are not essential.

In spite of the fact that these vacation homes are popular, many are disappointed shortly after purchasing them. It is their fault that they do not think the buy through properly, though. Hopefully the tips offered in this article will help, in some way, prevent dissatisfaction with your weekend home. In case you have something to say about it, just leave a comment to share your thoughts. I would love to read it.

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