If you’re thinking about owning a second home in the mountains, there are a lot of factors to consider. Since you’ve already gone through the home buying process, you know what to expect in that regard.

But there are some hidden nuances to buying a vacation home. In this guide, we lay out the benefits and disadvantages of owning a second home.

Owning a Second Home in the Mountains

Close to 3.5 million people in the U.S. own vacation homes. As you would expect, most of the vacation homes in the U.S. are in tourist hot spots: Arizona, Florida, and California.

But there’s an increase in interest and ownership in the mountainous areas of states like Idaho, Tennessee, and Utah. If you fall into this group, the first thing you need to do is find a realtor.

A lot of your home buying experience will get done from another state or town, so finding the best realtors for your desired area is a must. They’ll have the expertise to guide you into the right areas and away from the bad ones.

You’ll have to do your due diligence too! You’ll have to look into every detail of the home a little closer than you would if it was in your current city.

How old is the roof? Are there foundation issues? How old is the electric?

Everyone who’s buying a home needs to look into these details. But when you can’t hop in your car and be at the property in 15 minutes, these details become even more important.

While that may seem like it’s not one of the benefits of buying a second home, in the long run, it will be. You won’t worry about arriving at your new home and finding the roof caved in. You won’t get outrageous bills in the mail because the house is draftier than you realized.

Below, we go over the pros and cons of owning a second home to help you see the entire picture.

Pros

Most of the benefits of buying a second home you’re already aware of. But here are some other reasons for having a vacation home:

• Give the gift of vacations – Is there a big milestone coming up? Lend out your vacation home to friends and family as a gift.
• It’s a long-term investment – You already have a retirement home or can sell it down the line.
• It’s income – Rent out your home to locals during the seasons you’re not there.
• Tax advantages – If you rent it out, you may qualify for a tax advantage. Check with your accountant or tax professional for specifics.

You can travel light and save money on eating out since you’ll have a fully functioning kitchen.

Cons

Owning a second home is a major purchase with major expenses. There’s a good chance you’ve already considered this aspect of buying a vacation home. There are a few other detractors like vacationing in the same location every time.

Others are all related to logistics:

• If your home is too far away, it might be tough getting there as often as you’d like.
• If something goes wrong, maintenance will be an issue. You’ll have to rely on a property manager (if you rent it out) or pay locals to help with maintenance.
• If you rent it out, you can’t pick up and go there whenever you like.

Make sure you write down all the pros and cons of owning two homes and go over each one carefully.

Expertise You Can Trust

Now that you know the pros and cons of owning a second home, you’re more prepared to make your final decision. But you may still need guidance about the process.

Bonnie Roberts Realty has all the advice you need for buying and selling your home. Visit the home buying blog today or contact us with any questions.