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Second Homes

Second homes are common in the United States and will usually take the form of resort homes, cabins or ski homes. Mortgage rules for second homes may differ. Many people buy second or vacation homes and then rent the homes out for all or part of the year, either to make money or to pay off the mortgage on the homes. Be careful about second or resort homes sold primarily for the purpose of producing income. A lot of money has been lost through speculation in vacation and ski home areas.

Resort time-sharing is a fairly new form of second home purchase. Simply put, you buy the home in common with other people and you have a right to use it a certain number of days a year. The companies that promote these types of developments make money by charging service fees. Frequently, they offer free gifts or free weekend trips as inducements to view these vacation home areas. You may very well get a nice weekend out of accepting such an offer, but be careful about what you agree to, and watch out for hidden expenses like “handling and processing charges.”

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