Owning a vacation home can give your family the freedom to get away and relax whenever you want.
Renting out the property can supplement your income.
If you want to buy a house exclusively for personal use, select a location, size and amenities that work for you.
If you’re looking for a property to rent out, choose a popular tourist destination and a house that’s large enough for a family or several friends.
Owning a vacation home will mean paying for a second mortgage, taxes, insurance, utilities and maintenance.
If you rent out the house, you’ll also have to pay for advertising, frequent maintenance and possibly a property manager.
The federal government taxes rental income. Some state and local governments do, too.
Some communities promote short-term rentals, while others impose restrictions to discourage them.
