The Pros and Cons of Purchasing a Vacation Home - Money Tip Tuesday

<p style="text-align:left;">A quick Google search for a pros and cons list about whether you should buy a vacation home, will give you lots to think about. In this tip we talk about what you should consider before you buy that second home. </p> <p style="text-align:left;">Links:</p> <ul style="text-align:left;"><li>Learn more about the existing research on home buying <a href='https://www.nar.realtor/'>National Association of Realtors</a></li> <li>Chat with our <a href='https://trianglecu.mymortgage-online.com/OurOriginators.html'>Mortgage Originators</a> with any questions on buying a second home</li> <li>Follow our <a href='https://www.facebook.com/pg/MakingMoneyPersonalPodcast/posts/?ref=page_internal'>Facebook</a>, <a href='https://www.instagram.com/makingmoneypersonal/'>Instagram</a> and <a href='https://twitter.com/TCUpodcastMMP'>Twitter</a> pages!</li> <li>Learn more about <a href='https://www.trianglecu.org/home/home'>Triangle Credit Union</a></li> </ul> <p style="text-align:left;">Transcript:</p> <p style="text-align:left;">Welcome to Money Tip Tuesday from the Making Money Personal podcast.</p> <p style="text-align:left;">Even the name, “vacation home” evokes happiness. Who wouldn’t want a vacation home, simply to associate time there with a “vacation”?</p> <p style="text-align:left;">As more and more Gen X thru Z build their wealth and disposable income, vacation home sales are on the rise; according to the National Association of Realtors, second home purchases are up 51% from January – April 2021.</p> <p style="text-align:left;">Let’s look at some common pros and cons of owning a 2nd home for the purpose of rest and relaxation:</p> <p style="text-align:left;">Real estate is always a good investment. Depending upon when you buy, and how much you pay, real estate is usually a great investment because of the increase in demand and limited land on this planet. I have always heard you make money when you BUY real estate, not when you SELL so work with a real estate agent to make sure you’re not overpayin