Whether you’re looking to dig your toes in the sand and sip an ice-cold cocktail or strap on your hiking boots, having a place to escape the hustle and bustle of life is a great investment. 

Consider these tips before investing in a second home:

• Do not impulse buy. We all take fabulous vacations from time to time, but that doesn’t mean you should have a new set of house keys on your way back home from your trip. Before you undertake a second home, ensure you can afford a second property.

• Consider additional expenses that might pop up. For example, if your water heater breaks at your primary residence and then a leaky pipe appears out of nowhere in your second home, you’ll have 2 extra expenses to pay off. Make sure you are ready for the extra responsibility before taking the plunge. 

• Hire a local real estate agent. Investing in a vacation home far from your current, primary home can be tricky due to residential real estate being highly localized. An agent who is familiar with the area is better-suited to finding you the right home since they will have extensive knowledge of the market. 

• Planning on renting out your property? Get familiar with the rules and regulations. Renting is a great way to finance your property, but with that comes laws that vary by state, city and sometimes even neighborhood. Be sure to educate yourself on these laws before spending a pretty penny on a second home.

• Explore tax benefits. According to the Internal Revenue Service (IRS), a vacation home is either a personal residence or rental property. It’s a personal residence if you rent out your home fewer than 14 days a year, and you cannot write off any rental expenses. If it’s more than 14 days, it’s a rental property, which means you’ll have to report your income. On the bright side, you’ll be able to deduct maintenance and cleaning. 

Charleston, SC 

Median home value: $316,000

Image source: https://www.kapwing.com/

If you want to invest in a second home in a place that truly has it all, direct your attention to the dreamy city of Charleston, SC. Take a stroll down the charming, palm tree-lined streets; pop into award-winning restaurants; or feed your shopping addiction at the shops that line King Street, the “main drag” of the city. Need a body of water nearby? Folly Beach is just a 15-minute drive from downtown Charleston. Still not convinced? Condé Nast Traveler magazine has named Charleston the most popular city in the United States for the past 8 years! 

Big history buff? The city of Charleston was founded in 1670. Therefore, many homes in this magical city have an abundance of history. From sprawling porches to lush gardens, you truly can’t go wrong when picking a home in Charleston. As an added bonus, the weather is mild year-round, so if you're planning on renting out your future adobe, you can bank on a steady stream of tourists visiting throughout the year. 

Start browsing homes in Charleston before they hit the market here.

Gatlinburg, TN 

Median home value: $185,000

Image source: https://www.kapwing.com/

The great outdoors are calling...you to buy a vacation home in Gatlinburg, TN! This hidden gem of a city is home to the Great Smoky Mountains National Park, which boasts over 800 miles of trails you can hike, bike, run or walk. You can even drive some of the trails if that’s more your speed! Additionally, this park is continually the most visited National Park in the United States. All of those tourists will need a place to stay, so renting out your property is your best bet if you want to turn a profit. 

Furthermore, this majestic city is sprinkled with great restaurants, shopping, and a plethora of attractions and local distilleries. During the summer months, white water rafting, horseback riding, and fishing are just a few of the many things to do in this scenic place. Winter brings white, powdery snow, magical parades, plus skiing at the only ski lodge in Gatlinburg! 

Investing in property here is a no brainer for anyone who loves the mountains and being outdoors. There is so much to do here, you’ll never tire of this place! 

Start browsing homes in Gatliburg before they hit the market here.

 Westlake Village, CA 

Median home value: $1,042,900

Image source: https://comingsoonhomes.com/details/116456/1230_S_Westlake_Blvd_Unit_C_Westlake_Village_CA_91361/

Looking to invest in a second home in sunny SoCal? The quaint, yet upscale city of Westlake Village is the perfect spot to get away from the hustle and bustle of life. The city itself is a suburb of Los Angeles and has a population of around 8,450 (Census Bureau), which makes it the perfect spot to steal away to for a breath of fresh air. 

Speaking of fresh air, the city is home to one of the largest privately owned lakes in the United States! Being able to boat to restaurants, shops, and even the grocery store is just one of the many perks of owning a second home in this beautiful place. Plus, it sure beats sitting in LA traffic! On top of that, hiking and horseback riding trails are abundant throughout Westlake Village, making this an excellent destination for anyone who loves being outdoors. In addition, there are lots of restaurants, shops, and parks to explore. As an added bonus, the beaches of Malibu are just a short drive away...assuming traffic permits. 

Although you may have to drop a pretty penny to own a second home here, there are plenty of perks to purchasing a home in this spectacular community!

Start browsing homes in Westlake Village before they hit the market here.

Denver, CO 

Median home value: $422,700

Image source: https://www.kapwing.com/

Denver, CO has cultivated a world-renowned craft beer and art scene. Home to over 200 beautiful parks, this city is one of two cities in America with a whopping 7 professional sports teams! In 2017, a record-shattering 31.7 million people visited this hot spot. Whether you want to rent out your second home or keep it all to yourself, Denver is a desirable spot to invest in. 

While Denver is known as the Mile High City because it sits at an elevation one mile above sea level, the land probably isn’t the only thing that’s high. The legalization of marijuana in the state of Colorado is, in part, why Denver’s economy is booming. Weed not your thing? No problem. There are many restaurants, shops, breweries, and museums to explore—not to mention a smattering of sporting events to choose from, depending on the season. It’s no wonder why millions of people flock to this city each year!  

If you’re looking to rent out your residence, exploring Airbnb and VRBO might be a good option. Millennials flock to this city each year and look to vacation rentals to save money over a hotel loaded with fees. 

Start browsing homes in Denver before they hit the market here.

Daytona Beach, FL 

Median home value: $145,500

Image source: https://www.kapwing.com/

With 23 miles of beautiful white sand beach, the lively town of Daytona, FL, has so much to offer! Not only is it the most affordable city on this list, but tourists descend on this charming beach town all year long—an important asset for anyone looking to rent their property. 

Daytona hosts a considerable amount of NASCAR and motorcycle events throughout the year, which makes this the perfect location to put your home on a vacation rental website. Additionally, there are over 50 festivals that take place throughout the year, so there is never a shortage of things to do. 

People of all ages love this charming city for so much more than just the gorgeous beach. Daytona boasts fantastic restaurants, excellent nightlife, and tons of activities to choose from.That said, Daytona Beach is one of the only beaches in Florida that is open 24/7 and has designated areas where you can park your car on the beach! This is certainly a good spot to catch some sun and dig your toes in the sand. 

Start browsing homes in Daytona Beach before they hit the market here.

Sarasota, FL 

Median home value: $261,900

Image source: https://www.kapwing.com/

Sink your teeth into this slice of paradise located on the Gulf Coast of Florida. Crystal clear water, powder-white sand, and cotton candy sunsets are just a few reasons to invest in property in this remarkable city. With an average of 251 days of sunshine, who wouldn’t want to vacation in Sarasota? 

The city is filled with fresh Gulf Coast cuisine, delightful beaches (including award winning Siesta Key), boutiques, parks with hiking and biking, and much more. Outdoor activities like golfing, kayaking, jet skiing, and fishing charters are abundant, which keeps people coming back to this captivating city. Whether you want to rent out your property or not, Sarasota is an absolutely magnificent place to invest in. 

Start browsing Sarasota homes before they hit the market here.

Tampa, FL 

Median home value: $218,900

Image source: https://www.kapwing.com/

Can’t decide whether you want to invest in a second home by body of water or in a bustling metropolis? Tampa, FL, is a great choice for the best of both worlds! Life in Tampa includes amazing amusement parks (like Busch Gardens!), miles of beaches, water sports, golf courses, and a downtown filled with tasty food, upscale shopping, and bustling nightlife. Tampa’s Riverwalk is a 2.6 mile stretch along the Hillsborough River with shops, restaurants, playgrounds, museums, bars, and much more. Residents and tourists alike love exploring this lively area. No matter the age, there is something for everyone in this city, which is very appealing for anyone looking to own property in Tampa. 

Whether you’re looking for a bachelor pad in the sky with amenities galore or a charming home with water views, this city truly has it all!

Start browsing home in Tampa before they hit the market here.

Investing in a second home might seem overwhelming but with the right planning, it could be the best financial decision you’ve ever made. Want to explore vacation homes across the country? Check out homes across the country here.
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