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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!

When you are considering purchasing a second home there are many things to consider;

First of all you need to really know yourself and think about if you are the kind of person that loves to visit new places and be catered on hand and foot like your favorite hotel, or do you like to go the same place for vacations. If you are the type of person that likes going to new places you might want to reconsider a second home!

Another thing to consider is how long you plan to own the second home. Usually people plan to own the property for there whole lives but is that realistic? If you plan on having children is this option, most properties are not as flexible when it comes to children as you would think. For example the nice house by the lake, would be a nightmare for a parent who had a little toddler running around!

Consider all of the costs that are involved including home repairs, utilities, second mortgage, insurance, golf dues, membership dues, etc. Some people are so excited about the opportunity to own a second home that they forget all of the different costs that go into it!

Try to keep all of these things in mind and always do all of your homework!