Owning a second home or vacation property can sound enticing. But it can also be very expensive, both in terms of time and money. There are also hidden costs associated with owning a second home. For some individuals and families, buying a vacation home makes a lot of sense. It’s comfortably affordable and the home is heavily used annually, even if just seasonally. But in other situations, the hassle and cost of maintaining a property from a distance plus the desire to travel to new destinations makes buying a second home an expensive mistake.
Cost of owning a second home
There are many real (and sometimes hidden) costs associated with owning a second home. To start, you’ll need to essentially hit ‘copy-paste’ on everything you see around you at home now. Perhaps it won’t need to be the same quality or quantity, but just outfitting a second home with the basics can be expensive. Here are some of the general costs you’ll incur after buying a second home:
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