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OWNING A SECOND HOME
We've all dreamed about how nice it would be to own a second home that could be used as a
vacation home or retirement location. With that fantasy comes the reality that a second home is
a luxury that few can afford. For those that consider the vision, a few tidbits of information can
mean the difference between a single home and a vacation home on the seaside.
A second home requires complete dedication as the search, purchase and maintenance of a
second home can be a time-consuming affair. Over that period of time, people that could
possibly see a quick change in fortune should probably shy away from chasing a second home
until finances stabilize.
Just as you went through a procedure of deciding how much you can afford with your first home
purchase, you must go through that procedure for your vacation or retirement home purchase
too. As always, your credit score and employment position play into the kind of financing you
can receive, influencing just what kind of property you can look for in your potential home
purchase.
Retirement Homes
For retirement homes, keep in mind that your retirement could be a few decades from now and
the area may change in that time. So, buying your retirement home must weigh against the
necessity to lock in funds for the real estate. One option for deferring some of the cost of a
retirement home is offering it as a rental property so that the potential revenue stream can
compensate the tax and fees of the property. Many people use this option as a way to secure
their retirement home while building assets and seeing a revenue stream at the same time.

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Online Research
The vast majority of home buyers do at least some research online prior to purchasing real
estate. For those looking at a long distance move, this can be a priceless tool for going through a
wide range of homes in a short period. It is also expensive to fly out and run through as many
houses as possible in a short stay and futile trips may put you off about your move. The Internet
can smoothen the research process to ensure that you shortlist properties that are strong
candidates for purchase.
Buying a home is always a complex process, especially when buying real estate far from your
current location. As you go through the dream of owning a vacation or retirement home, not
only must you examine your own financial ability to do so but you must also examine the time
and effort you are willing to assign to your dream project.