Second Homes: What to Know Before Buying Yours

You’ve saved money, invested in your retirement, made headway on your mortgage balance and begun to think about a long-deferred dream. Maybe this long, snowy winter has caused you to think about a second home that you can enjoy. A second home for the use of yourself and your family can be a condo in a warmer southern state. Maybe it’s a small cottage near a beach or park where you can spend weekends. Maybe it’s a big rambling place that you and other family members or friend groups use during school breaks. Whatever you are picturing, having another “home” is fun. What follows are a few questions to ask yourself before you make an appointment to look for your perfect vacation home.

Access: Whether you are picturing a ski house or a beach house, determine how realistic it is that you’ll use this place often enough to be worth the investment. 

• How far is it from my current home? 
• How often will I go and how long will I be able to stay?
• Is this a weekend place?
• Will I spend the cold weather there/is it the perfect summer place? 

Security: As a second or vacation home, you will not be there on a daily basis. Have a security plan, so that you don’t worry constantly about the house. 

• Can I use a security system? 
• Should I have a security company to keep an eye?
• Does the development or community have a security team?
• Is it in a gated community?
• How can I secure it, without making it look vacant?

Maintenance: This ties into security in the sense that mail that is uncollected, lawns that look untidy or areas of your home that are dark can give casual observers the impression the house is vacant.

• Is this taken care of by maintenance/HOA fees I will pay?
• Can I hire a landscaper to keep the place up?
• Is there a property manager I can work with to maintain the place?

Saving your investment: Little things can cause big headaches. Leaking appliances, electrical outages and fuel disruptions are tough when they happen at home, but even harder to handle from hours away. Planning ahead for problems may minimize them.

Of course, this is not an exhaustive list of questions. You will have an even more granular set based on the type of vacation home you want. Use this list and add your own so that you can fully explore your level of comfort with the rewards and the risks of owning that second home.

• Can I get a water sensor to guard against frozen/leaking pipes?
• How can I protect against washing machine or DW failure?
• How do I manage propane or oil deliveries if I’m not there? 
• Who can attend maintenance appointments in my place?