Is a Second Home Right for you?

You’ve worked hard, saved for retirement and are lucky enough to have enough discretionary income every month to live quite comfortably. So, can your dream of living along the beautiful Florida coast come to fruition?

If you’ve crunched all the numbers and come out ahead, then you may be inclined to go for it and purchase that second Ponte Vedra Beach home. But before you begin calling real estate agents, there are a few things to consider:

• Have you considered the cost of furnishing and decorating the home? Don’t forget about window treatments, rugs, appliances, furniture and accessories, for starters.


• Have you considered the cost of traveling back and forth to your Ponte Vedra Beach vacation home? If you plan on spending a considerable amount of time at your vacation home, consider how you will get there. Will you need an airline ticket, or will you use a considerable amount of gas traveling back and forth? And, if you plan on flying to your vacation destination, what will you do for transportation once you are there? Will you need a second car specifically for your second home?


• Have you considered the cost of utilities? Many homeowners with vacation homes assume they will only use utilities when they are present; however, for many parts of the country it is important to keep the heater on in the winter to prevent frozen pipes and the air conditioner on in the summer to prevent a mold build-up in the home.


• Have you considered maintenance issues? Will you be able to maintain the home yourself, or will you need the services of a lawn care company, a maintenance company and housekeeping services to keep your vacation home running smoothly when you’re not there? Also, are you financially prepared to spend additional money when things need repaired or replaced in your vacation home?


• Are you financially prepared to accept guests? With guests come expenses. Consider whether you are financially able to host your friends and family, and remember to include the added cost of utilities and food when visitors stay.

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