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Last week I wrote about things to consider when looking into buying a second home. This week I wanted to continue with more things to consider before purchasing a second home.

You have to have a significant disposable income to own a second home. So another thing to keep in mind is know what your budget is! Most people that have enough money to own a second home make around 85k a year! Make sure that all of your other expenses are taken care of such as having all credit card bills paid off and having an emergency fund available of at least 6 moths expenses saved up. Also never forget college funds and your own retirement! Once you have double checked all of those factors you may be on your way!

A good thing to remember is the tax breaks! The mortgage rates and property taxes are usually deductible on a second home. Anymore then two and you are out of luck! So keep that in mind.

Always look at the pros compared to the cons. If the cons out way the pros then wait until it is the other way around to purchase a second home. Good luck!