THE LOWDOWN ON BUYING A VACATION HOME

If you return to a beloved destination again and again, purchasing a home there may be a smart move-but don't overlook the costs and effort that go into it.

- EMMA PATCH

OWNING a vacation home can be an enticing prospect. When you shift from tourist to homeowner in a location you love, it's easier to visit whenever you wish, and the home provides a getaway to create happy memories with family and friends. Plus, because you can store supplies and other belongings at your vacation home, you may not have to bring much along with you when you stay there.

But owning a second home is a big responsibility that requires careful planning. Here's what to evaluate as you decide whether it's the right choice for you-and how to get financing if you move forward with a purchase.

ASSESS YOUR READINESS

According to a 2024 study from LendingTree, an online loan marketplace, most owners of vacation homes plan to use their home as many as seven times per year. Tally up an estimate of how much time you anticipate spending at your vacation home, and consider how many stays would make the purchase worthwhile for you. You may want to rent it out while you're not there to help cover the costs of owning it (read on for more on rentals).

If you've been to the area where you're thinking of buying a home only for short periods as a vacationer, visit it during the times of the year you expect to be there as a homeowner. You may find that some of the dining options, entertainment venues or other amenities you enjoy are not available during off-peak times, or that it's more crowded than you prefer during the most popular seasons. Talk to locals about living in the area.