Is it wise to buy a second vacation home? According to The Real Estate Bloggers, a second home is not always a good investment. But some people, making an emotional decision rather than perhaps an investment-driven choice, own three homes. According to this article in the Seattle Times, a confluence of demographic and economic factors makes owning two homes verging on the commonplace, and some people own more.
Does it make sense? Jeff Brown of the Sun Herald has done some numbers that make it less appealing and shows a negative profit under many circumstances.
But it does work for some, especially if the house is rented out occasionally or during the off-season. Rentals can cover your second-home costs if you’re careful when you buy and you follow these 3 simple rules.