As summer winds down and you return from that amazing vacation, you may be thinking about buying a second home at your favorite vacation destination. Before you start looking at properties, here are some things to ponder.

"Interest rates are historically low, so now may be the time for families to make the investment in a vacation home," said Kazantzis Real Estate Owner and Agent Andrea Kazantzis. "As with any investment, there are pros and cons, but for people looking to spend quality time with their family for years to come, now may be the time to jump in the market."

But can you afford it?

"A buyer could consider using their vacation home as a rental when they aren’t using it themselves," said Kazantzis Real Estate Agent Val MacNeil. "So it should have furniture that can convert into additional beds, as well as be close to restaurants and shopping to make it attractive to potential renters. The rent they take in would offset their mortgage."

The National Association of Realtors statistics show that most owners of vacation homes do not rent out their properties, but if you can't quite make the mortgage payments without some rental income, it's best to choose a popular destination where demand for short-term lodging is high. Experts say the most desirable spots are near oceans, lakes or rivers, or at mountain recreation areas.

"Vacation home requests have been for quiet and relation with waterfront," said Kazantzis Real Estate Agent Debra J. Prevost. "It could be a lake or oceanfront, but big enough to accommodate immediate family and some close friends for kayaking, boating, fishing, and swimming."

With a vacation home, you'll often look for different qualities than you would your primary residence.

"We tend to vacation in large groups, multiple families sharing the same house. So I look for homes that have huge kitchens to accommodate everyone eating at the same time. A designated rec area with amenities like a pool table or air hockey to keep the kids entertained and an outdoor space that has areas to lounge, eat, and relax by a fire," MacNeil said.

If you are considering a vacation home, remember there are the same expenses that come with owning a primary home:

  • Mortgage
  • Insurance (which may be higher if located near water)
  • Maintenance
  • Property Taxes

However, if you decide it's right for you and your family, Kazantzis Real Estate has a team of agents ready to show you your dream vacation home.

More Information: